Conditions not in place for Facebook's Libra to go ahead - France

Reuters
Updated

CHANTILLY, France, July 17 (Reuters) - Facebook's Libra digital coin project cannot go ahead in the form it has been presented so far, French Finance Minister Bruno Le Maire said on Wednesday.

"Today the conditions are not in place for this currency the Libra as proposed by Facebook to go ahead," Le Maire said shortly before the start of a meeting with his G7 counterparts in Chantilly, north of Paris.

Le Maire also said that the G7 meeting would be "decisive" for agreeing on how to tax big tech companies by setting the tone for wider negotiations among 129 countries at the OECD due to wrap up next year. (Reporting by Leigh Thomas and Myriam Rivet)