Like Facebook unveiled his cryptocurrency project Today, European officials have promptly called for a careful review of the plan, raising concerns about whether the project was under regulation.
according to comments reported by BloombergFrench Finance Minister Bruno Le Maire said that Facebook's cryptocurrency, called Libra, should not "become a sovereign currency".
"This can not and must not happen," he told Europe 1 radio. The mayor has reportedly called on G7 banking officials to report on Facebook's plan next month.
A German member of the European Parliament has expressed similar concerns, according to Bloomberg, stating that Facebook might become a "fictional bank" and that companies "should not be allowed to operate in a regulatory nirvana when introducing virtual currencies".
Facebook positions Libra as a financial system closely related to business services, including WhatsApp and Messenger. A non-profit organization has been set up to oversee Libra, according to Facebook will be launched in 2020. Several big names in technology and banking have also joined the project, including MasterCard, Visa, Spotify, Uber and Lyft.
Facebook did not immediately respond to a request for comment.
The social network has been subjected to a tight control of its privacy practices around the world, especially in Europe, where regulators have taken a tough stance on the technology sector. The creation of an alternative digital currency will likely raise new concerns for governments, as Facebook decides to convince its billions of users to adopt Libra.