France 'Cannot Authorize' Facebook's Libra Project

French Finance Minister Bruno Le Maire said Thursday that Facebook, Inc. (NASDAQ: FB)'s proposed cryptocurrency Libra would put the sovereignty of governments at risk. 

"In these conditions, we cannot authorize the development of Libra on European soil,” Reuters quoted Le Maire as saying. 

Facebook first made its plan to launch Libra public in June. Facebook’s Calibra is the newly formed subsidiary that plans to introduce a digital wallet for Libra in 2020.

The wallet will be available in Messenger, WhatsApp and as a standalone app, according to Facebook. 

So far, the social media giant's plan to launch Libra has been met with skepticism. 

Facebook shares were up 0.33% at $189.11 at the time of publication. The stock has a 52-week range between $208.66 and $123.02.

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Photo courtesy of Facebook.