G7 Urges Tough Libra Regulation, Agrees to Tax Digital Giants

Monday, July 22, 2019

By Leika Kihara, David Lawder

Digital currencies such as Facebook’s planned Libra raise serious concerns and must be regulated as tightly as possible to ensure they do not upset the world’s financial system, Group of Seven finance ministers and central bankers said on Thursday.

Finance Minister Bruno Le Maire of France, which holds the rotating presidency of the G7 top world economies, told a news conference the group opposed the idea that companies could have the same privilege as nations in creating means of payment – but without the control and obligations that go with it.

“We cannot accept private companies issuing their own currencies without democratic control,” Le Maire said.

Photo courtesy of Pixabay.

Source: Reuters (link opens in a new window)

cryptocurrency, fintech, regulations