Facebook is getting a taste of the regulatory pushback it will face as it creates a new digital currency with corporate partners.
Just hours after the social media giant unveiled early plans for the Libra cryptocurrency, French Finance Minister Bruno Le Maire insisted that only governments can issue sovereign currencies. He said Facebook must ensure that Libra won't hurt consumers or be used for illegal activities.
"We will demand guarantees that such transactions cannot be diverted, for example for financing terrorism," he said on Europe-1 radio.
Facebook unveiled its much-rumored currency Tuesday and said it will launch publicly early next year with such...