France will block the development in Europe of the Facebook cryptocurrency

France said will block the development in Europe of the pound, the cryptocurrency that Facebook wants to launch in 2020, because it threatens the "monetary sovereignty" of the States.

In an opening speech of a OECD conferenceFrench Economy Minister Bruno Le Maire said:

I want to be absolutely clear: under these conditions, we cannot authorize the development of the pound on European soil. The monetary sovereignty of the States is at stake. " Bruno Le Maire, French Minister of Economy

Le Maire warned about the risks that could result from this "possible privatization of a currency (…) in the hands of a single actor with more than 2 billion users in the planet".

Any failure in the operation of this currency, in the management of its reserves, could create considerable financial disorders. " Bruno Le Maire, French Minister of Economy

French government he also fears that the pound will replace the national currency in states where the currency is fragile or has a high devaluation.

The virtual currency project announced in June by Facebook must see the light in the first half of 2020.

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