Facebook’s digital currency project is facing global resistance as nations invoke national sovereignty.

France and Germany have both agreed to block the Libra currency in a joint statement which read in part: “no private entity can claim monetary power, which is inherent to the sovereignty of nations”

According to reports, Visa and Mastercard, who had previously backed the project, are now reconsidering their support:

“Visa, Mastercard and other key financial partners may reconsider their involvement in Facebook’s cryptocurrency, Libra, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

The financial backers to Libra did not want to attract regulatory scrutiny and declined Facebook’s requests to publicly support the project, according to the Journal report.”

President Trump reaffirmed the power of sovereign nations in his recent speech at the United Nations, saying that “The future belongs to sovereign and independent nations.”

Highlights of Donald Trump’s historic UN speech in front of the general assembly.

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