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France will block development of Facebook Libra cryptocurrency

France is creating a G7 task force to study how central banks ensure cryptocurrencies like Facebook’s Libra are governed by regulations ranging from money-laundering laws to consumer-protection rules, France’s central bank governor said on Friday.

France warned Thursday it will block development of Facebook’s planned Libra cryptocurrency in Europe because it threatens the “monetary sovereignty” of governments.

“I want to be absolutely clear: in these conditions, we cannot authorize the development of Libra on European soil,” Le Maire said at the opening of an OECD conference on virtual, cryptocurrencies.

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