Facebook's Libra project cannot be accepted without a strong set of rules, France's Finance Minister Bruno Le Maire told CNBC Wednesday.
Facebook's latest plan for a cryptocurrency — Libra — has been heavily criticized by policymakers around the world, including U.S. Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell. Speaking to CNBC ahead of a meeting of finance ministers from the seven largest world economies, Le Maire said that Libra raises questions about money laundering and terrorism financing.
"I would say this is first of all a question of sovereignty. You have states, the United States, France, Germany, Italy — all sovereign states with sovereign currencies: dollar, euro and so on and they are sticking to some very strong commitments, some very strong rules.
"There is also a concern about money laundering, there's a concern about the funding of terrorism," Le Maire also said. "How could we accept to have now a new currency which wouldn't stick to the same kind of obligation," he added.
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