France, Italy and Germany are preparing to block Facebook’s new Libra

AFP has reported that the three nations will be working together to block the stablecoin from Facebook.

Le Maire who is at  the annual meetings of the World Bank and International Monetary Fund told reporters: “Libra is not welcome on European soil,”  

He then added: “We will take steps with the Italians and Germans because our sovereignty is at stake.”

“All Facebook would have to do would be to decide to use more or fewer dollars or euros to affect the exchange rate between the euro and the dollar, and thus have a direct impact on trade, industry and nations which use the dollar or euro as their base currency,” he said.

“The right answer is not a private digital currency under the control of one of the largest multinationals on the planet,”

So in another outburst, we are slowly getting more and more details about what the three major European nations are doing and thinking. This is not the first time we have heard from Le Maire this week either earlier in the week he said  “Do we want to put monetary policy in the hands of a private company like Facebook? My answer is clearly no,”.