The prospect for the U.S. internet giant Facebook to adopt its planned cryptocurrency Libra in Europe worsened this week following public opposition by France and Germany.

On the sidelines of the EU finance ministers meeting in Helsinki, German Finance Minister Olaf Scholz and his French counterpart Bruno Le Maire talked to media about the risks of Libra late on Friday.

The ministers warned against the "incalculable" risks involved that have not been adequately taken into account.

"We are both deeply convinced that the currency matters should remain in the hands of governments," said Le Maire. "This is a matter of sovereignty."

According to Scholz and Le Maire, Germany and France are determined to "find appropriate solutions to protect the citizens and to maintain fiscal stability."

Earlier in the week, the French finance minister declared that Libra would hardly have any chance in Europe.

Besides sovereignty, the ministers mentioned several other factors including protection against money laundering, the risk of financing terrorism, data protection, and the possibility of "developing a national cryptocurrency."

Facebook has 2.4 billion users globally. Commentators noted earlier that such a user base could give Libra a major role in international finance.

In Germany, the government will formulate during September a strategy on cryptocurrencies, German media have reported.

Authorities have admitted that cryptocurrencies should be allowed to develop as an alternative to money issued by states and their central banks.