The EU should introduce a common set of rules for managing virtual currencies, which are currently mainly regulated at the national level, said French Finance Minister Bruno Le Maire.

According to him, for 28 EU countries, a “common framework” on digital currencies is needed, and reiterated that it was against the appearance of Facebook Libra cryptocurrency in the EU, Reuters reported. 

He also called for the creation of a European public digital currency but did not specify what he meant.

Facebook announced in June plans to launch the Libra cryptocurrency. It is expected to launch next year. Libra is designed to support a basket of currency assets in order to avoid the wild fluctuations that are observed with bitcoins and other cryptocurrencies.

Another significant difference is that control over it will not be decentralized, but will be vested in the Swiss non-profit association. In addition to Facebook, Libra sponsors include payment giants Visa, MasterCard, and PayPal, as well as Lyft and Uber applications.

French officials have warned of the danger Libra poses from the moment it was announced.

The monetary sovereignty of countries is threatened by the possible privatization of money the only entity with more than 2 billion users on the planet, the French minister said yesterday.