France has warned it will block development of Facebook's planned Libra cryptocurrency in Europe.

Speaking at an OECD conference on cryptocurrencies, economy and finance minister Bruno Le Maire said it poses systemic financial risks and the potential for abuse of market dominance. 

 'All these concerns about Libra are serious,' he said. 'I want to be absolutely clear: In these conditions, we cannot authorise the development of Libra on European soil.'

It comes as Facebook and its partners asked financial authorities in Switzerland to evaluate their plan to create the new digital currency.   

The company said it would set up a nonprofit association headquartered in Geneva, putting it under Swiss regulatory authority.

Yesterday, the Swiss Financial Market Supervisory Authority, known as FINMA, said the proposal has to meet anti-money laundering requirements and other strict standards. 

That includes obtaining a 'payment-system license' that makes the association responsible for bearing 'the returns and risks associated with the management of the reserve.'