France has taken a hardline stance on Libra, which continues to face pressure from governments around the world. The French Economic and Finance Minister said the Libra project is a threat to national currencies in both underdeveloped and developed countries. It usurping the sovereign right of states to issue their own currencies, which will have dramatic and unforeseen repercussions.
Bruno Le Maire appealed to the audience, they want to give private interests such power, given the consequences it would have on trade and financial stability.
“I cannot countenance one of a sovereign state’s most powerful tools, monetary policy, falling under the remit of entities not subject to democratic control.” - stated the minister.
It is worth noting that earlier Bruno Le Maire promised France as a jurisdiction could not permit its development, due to perceived risks regarding the European Union’s financial structures among other problems.
The power structures of not all countries are so categorical. For example, the head of the Central Bank Stefan Ingves called the Libra project “an important event” that pushed the country to reform the economy. Sweden is currently exploring the possibility of producing a digital crown.