France set to join Trump in objecting to Facebook’s Libra

French concerned about money laundering and financing terrorism

French finance  minister Bruno Le Maire ges to host G7 finance ministers.

French finance minister Bruno Le Maire ges to host G7 finance ministers.

 

France is set to join President Donald Trump in opposing Facebook’s proposed Libra coin, with a French finance ministry source saying that allowing a private company to set up the equivalent of a national currency was a red line that could not be crossed.

“We will not allow private enterprises to give themselves the attributes of state sovereignty. . . the means of monetary sovereignty,” the source said.

The statement came as French finance minister Bruno Le Maire prepared to host a meeting of his G7 counterparts next week at which cryptocurrencies and cyber security will be among the topics under discussion.

French officials say a currency such as Libra issued by a company with hundreds of millions of customers would carry unacceptable systemic risks. They say they are also concerned about money laundering and the financing of terrorism. – Copyright The Financial Times Limited 2019