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Facebook Token Runs Into Instant Political Opposition in Europe

  • French finance chief says it can’t be a ‘sovereign currency’
  • Germany’s Ferber sees Facebook becoming a shadow bank
Bloomberg business news
Facebook Wants New Cryptocurrency to Rival the Dollar
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Facebook Inc.’s ambitious plan to roll out its own cryptocurrency ran into immediate political opposition in Europe, with calls for tighter regulation of the social-media giant.

French Finance Minister Bruno Le Maire said the digital currency known as Libra shouldn’t be seen as a replacement for traditional currencies.