France has teamed up with four other European nations in a united effort to prevent Facebook from launching its Libra global digital currency payment system next year, Politico reports. Deputy finance ministers from France, Germany, Italy, the Netherlands, and Spain reportedly made their case to other EU nations in a closed meeting in Brussels on Monday.
That report is based on information provided by “four people in the room” during the meeting. Officials and diplomats told Politico that the deputy ministers urged their EU peers to move toward a total ban on Libra. However, those officials have suggested that an outright ban is unlikely at this point, since the EU would need solid legal reasons to bar the project.
A more likely outcome at this point is that the EU will demand regulatory power over Libra before they will allow it to be introduced in the eurozone. Sources have suggested that EU finance ministers may deliver a statement to that effect next month.