G7 meeting: conditions not in place for Facebook’s Libra to go ahead

18 iulie 2019

Facebook’s Libra digital coin project cannot go ahead in the form it has been presented so far, French Finance Minister Bruno Le Maire said on Wednesday, according to Reuters.

“Today the conditions are not in place for this currency the Libra as proposed by Facebook to go ahead,” Le Maire said shortly before the start of a meeting with his G7 counterparts in Chantilly, north of Paris.

Le Maire also said that the G7 meeting would be “decisive” for agreeing on how to tax big tech companies by setting the tone for wider negotiations among 129 countries at the OECD due to wrap up next year.

Japanese authorities have set up a working group to discuss the impact Facebook’s proposed Libra digital coin could have on monetary policy and financial regulation, government sources said, ahead of a G7 finance leaders’ gathering where the topic will be high on the agenda.

The working group, consisting of the Bank of Japan, the Ministry of Finance and the Financial Services Agency, began meeting last week and will seek to coordinate policies to address the impact Libra could have on regulation, monetary policy, tax and payments settlement, the sources said.

The plan by the social media giant to build a digital currency has raised concerns among global regulators that it could quickly become systemic given Facebook’s huge cross-border reach.

France is using its presidency of the Group of 7 group of economic powers to launch a task force to look at how central banks can ensure digital currencies like Libra are regulated from money-laundering to consumer-protection rules.

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