French and German governments have announced they will oppose Facebook’s launch of its Libra cryptocurrency, Politico reports. The two countries do not believe the tech company has adequately addressed concerns, including financial security, data protection and financial and monetary sovereignty, that surround the project. “France and Germany consider that the Libra project, as set out in Facebook’s blueprint, fails to convince that those risks will be properly addressed,” the governments said in a joint statement. "We believe that no private entity can claim monetary power, which is inherent to the sovereignty of Nations.”
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