France, July 18 -- Finance ministers from the Group of Seven rich democracies are sounding the alarm on the dangers of cryptocurrencies and pouring cold water on Facebook's Libra as they wrap up a two-day meeting in Chantilly, France.

Officials from the US, France and others have sounded skeptical so far about Libra and cryptocurrencies, which have the potential to make the financial system more efficient but also carry risks.

"The sovereignty of nations cannot be jeopardized," said French Finance Minister Bruno Le Maire, referring to private companies such as Facebook.

Facebook has proposed creating Libra as a cryptocurrency that is pegged to existing currencies to make it more stable than the likes of Bitcoin and would have the backi...