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Facebook’s cryptocurrency Libra decried by French finance minister, saying it ‘must not happen’

June 18, 2019, 9:34AM EDT

Facebook’s cryptocurrency Libra was only officially unveiled earlier today, but has already been the target of vociferous opposition from France’s finance minister Bruno Le Maire, according to a Bloomberg report on Tuesday.

Le Marie said Libra “can’t and...must not happen” and that “it is out of question’’ for the cryptocurrency to “become a sovereign currency.” He has reportedly called on the Group of Seven (G-7) central bank governors and guardians of the global monetary system to review the social media giant’s upcoming cryptocurrency and submit a report next month.

According to the report, Markus Ferber, a German member of the European Parliament, warned that Facebook could become a “shadow bank” and said regulators should be vigilant.

Facebook's stated mission for Libra is to serve the unbanked and facilitate low-fee money transfers globally.

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