G7: Libra must be subject to heavy regulation

Posted 19 July, 2019

The task force created by the G7 to deal with stablecoins shared its opinion regarding the global stablecoin, like Facebook's Libra or similar projects. The statements were made during the meeting of G7 members in France.

The chairman of the taskforce Benoit Coeure noted at the meeting that global stablecoin can bring to the market faster and cost-effective payment means as well as "spur competition for payments and thus lower costs and support greater financial inclusion", as reported Reuters.

At the same time, the G7 finance ministers and bankers also said that these assets can come with certain risks, which in particular connected with possible money laundering, terrorist funding as well as users' data protection and tax evasion.

Finance Minister Bruno Le Maire of France said:

“We cannot accept private companies issuing their currencies without democratic control.”  

This means he summed up, that such projects like Libra must be developed under heavy regulation.

Besides, it was agreed during the event that the world giants, like Amazon, Facebook or Google, must pay taxes in the countries where they receive profit and no matter whether they run office there or not.

It was reported earlier that David Marcus, head of Facebook blockchain division, took part in the US Congress hearings regarding the Libra project.

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