Facebook unveiled its Libra cryptocurrency on Tuesday, and it didn't go unnoticed by European officials.

Hours after the company announced its crypto ambitions, French Finance Minister Bruno Le Maire poured cold water on the project.

Le Maire said it was "out of the question" that Libra becomes a "sovereign currency," Bloomberg reported, citing comments made on Europe 1 radio. "It can't and it must not happen," he added.

The Group of Seven (G-7)— which includes France, the U.K. and U.S. — is looking to set up a forum to assess the risks of digital currencies like Libra to the financial system. That's according to the Financial Times, which cited a letter from Le Maire and Banque de France Governor Francois Villeroy de Galhau. The group will include central banks and the International Monetary Fund, the FT reported.

Meanwhile, Markus Ferber, a German member of the European Parliament, warned Facebook could become a "shadow bank" with the virtual currency plans.

Facebook's entry into crypto is "a good reason for regulators to start working on a proper regulatory framework governing the rules of virtual currencies," Ferber said.

"Multinational corporations with giant user bases such as Facebook must not be allowed to operate in a regulatory nirvana when introducing virtual currencies."