France is set to join President Donald Trump in opposing Facebook's proposed Libra coin, with a French finance ministry source saying that allowing a private company to set up the equivalent of a national currency was a red line that could not be crossed.

“We will not allow private enterprises to give themselves the attributes of state sovereignty. . . the means of monetary sovereignty,” the source said.

The statement came as French finance minister Bruno Le Maire prepared to host a meeting of his G7 counterparts next week at which cryptocurrencies and cyber security will be among the topics under discussion.

French officials say a currency such as Libra issued by a company with hundreds of millions of customers would carry unacceptable systemic risks. They say they are also concerned about money laundering and the financing of terrorism. – Copyright The Financial Times Limited 2019