More hurdles for Facebook's Libra?

Digital dream - or regulatory nightmare?

Increasingly Facebook may be forced to weigh up the future of its Libra project...

After yet another setback.

This time in Germany - which on Wednesday (September 18) announced a comprehensive blockchain strategy, and vowed to fight efforts to establish a parallel currency.

Libra is the best-known of the so-called 'stablecoins' - a form of cryptocurrency backed by traditional assets like gold.

But EU opposition is mounting.

Just days ago, France's finance minister, Bruno Le Maire, voiced his views.

(SOUNDBITE) (English) FRENCH FINANCE MINISTER, BRUNO LE MAIRE, SAYING:

"We should refuse the development of Libra within the EU. What is at stake behind that is the security of consumers, the stability of the finance within the EU, and also the sovereignty of the European states."

A long list of 'why nots' the U.S. social media giant is keen to address.

It's in close contact with Europe's regulators to size up the hurdles it faces.

Though it faces them at home too.

U.S. lawmakers already voiced their concerns back in July - just weeks after Libra unveiled its plans.

For its part, Germany still wants to boost the digital transformation of its economy, according to finance minister, Olaf Scholz.

And the European Central Bank is working on a plan of its own, to launch a public digital currency that could make projects like Libra redundant.