European governments move to veto Facebook's digital money

Major European players are joining forces to block Facebook's proposed digital currency because of the dangers it poses to national sovereignty, French Economy Minister Bruno Le Maire announced Friday,

Italy, Germany and France will take unspecified steps in the coming weeks"to show clearly that Libra is unwelcome in Europe because our sovereignty is at stake," Le Maire told reporters on the sidelines of the annual meetings of the World Bank and International Monetary Fund in Washington. The Group of Seven economies on Thursday had said any reserve-backed digital currency like Libra -- known as a stablecoin -- would require a sound legal framework before entering circulation.Like Le Maire, German Finance Minister Olaf Scholz also said Friday he was"very skeptical" about Libra.

Libra also has faced challenges from within after major financial and commercial players in recent weeks have backed out of the project, including Visa, Mastercard, eBay, Stripe, PayPal and the online travel firm Bookings Holdings. Le Maire, however, appeared to rule out such cooperation with Facebook, noting that the social media giant planned to tie its cryptocurrency to a basket of reserve assets.

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