Why France and Germany fear Facebook’s cryptocurrency – and plan to block it

Facebook’s plans to launch its own Libra cryptocurrency next year is getting resistance from France and Germany who have promised to block it and plan to create their own national cryptocurrencies.

Last week, the two nations said Libra could threaten the Euro’s value and unlawfully privatize money. Last year, the Reserve Bank of India (RBI), the country’s central bank, announced a ban on the use of cryptocurrencies by any regulated financial entity because of risks associated with it.

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