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Saturday August 8th, 2020 7:53PM

French finance minister: Libra should not be developed in EU

By The Associated Press

BRUSSELS (AP) — France's finance minister says the European Union should not allow Facebook to develop its digital currency project, known as Libra, on "European territory" because it threatens the monetary sovereignty of states.

Speaking ahead of a meeting Wednesday of the 19 eurozone finance ministers, Bruno Le Maire said alternative payment systems could also be used for money laundering or "terrorism funding."

Insisting he is not an "enemy of Facebook," Le Maire said "it's not the role of a private company to get a sovereign currency" and that the EU "should not accept to have Libra developed on European territory."

Facebook has presented Libra as a currency that could be used for digital payments, particularly outside the U.S.

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