Law360 (September 13, 2019, 6:42 PM EDT) — A day after the French finance minister said the Facebook-led Libra cryptocurrency should not be allowed to take root in the European Union, the government of Germany joined in, with both countries saying Libra threatens the inherent sovereignty of nation-states.
The finance ministries of France and Germany in a short joint statement Friday acknowledged concerns over the speed and efficacy of cross-border payments, and called on central banks in Europe to work to find a solution using a public digital currency, in a clear rebuke of the Swiss-based Libra project.
A working group has been created within the G-7 to address concerns…
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