Digital currencies threaten sovereign states' economy—France's Le Maire

Digital currencies like the one proposed by Facebook threaten to undermine sovereign nations' control over their exchange rates, France's Economy Minister Bruno Le Maire said Thursday.

"It's a matter of democracy, not just a simple economic question," Le Maire told reporters, saying the proposed Libra currency could have an "immediate global reach" through the social network's huge membership.

Le Maire presented the Group of Seven nation's statement on Libra, saying "no global stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks are adequately addressed," including the potential for money laundering and terror financing. —Agence France-Presse