Europe rejects digital currency Libra

Major European countries 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", Le Maire told reporters. He added that Europe will not allow a private company to have the same power, the same monetary power as sovereign states.

German Finance Minister Olaf Scholz said he is "very skeptical" about Libra and he does not welcome an idea of establishing a global digital currency.

The statements came after the Libra Association, created by Facebook to launch its new cryptocurrency, has announced its 21 founding members after defections by previous supporters including Visa and Mastercard.

Source: VOV5