France calls for EU rules on virtual currencies

France’s Finance Minister Bruno Le Maire said on Friday the European Union should introduce a common set of rules to govern virtual currencies. (Shutterstock)

France’s Finance Minister Bruno Le Maire said on Friday the European Union should introduce a common set of rules to govern virtual currencies, which are at the moment mostly regulated at national level.

Arriving at a meeting of EU finance ministers in Helsinki, Le Maire said “a common framework” on digital currencies was needed for the 28 EU countries and repeated his opposition to the development of Facebook’s Libra cryptocurrency in the EU.

He also urged the creation of a European “public digital currency,” without giving more details.

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,” Bruno Le Maire said at the opening of an OECD conference on virtual, cryptocurrencies.

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Last Update: Wednesday, 20 May 2020 KSA 09:54 - GMT 06:54
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