The countries representing the world's largest economies said in a draft statement that they would initially oppose launching the Libra project on Facebook.
According to a Reuters report Monday, central bank governors and finance ministers from the United States, Canada, Japan, Germany, France, Italy and the United Kingdom (also known as the Group of Seven industrialized nations) said:
, Or G7), it will stop working. Global stablecoin projects await appropriate regulatory oversight.
and the draft stated that: The G7 continues to emphasize that no global stable currency project should be initiated until it adequately addresses the relevant legal, regulatory and supervisory requirements By appropriate design and adherence to established standards.
The statement comes from the representatives of the seven countries, assembled in June 2019 to examine how central banks can regulate digital currencies.
The group has raised concerns about how to ensure digital assets comply with anti-money laundering laws, consumer protection rules, and other regulatory matters.
the group's report last October stated that global stablecoins pose a threat to the global financial system.
as a result, the Facebook stablecoin may not get approval from the necessary regulators.
Last year, Queen Telegraph reported that France had cooperated with Germany, Italy, Spain and the Netherlands to prevent the launch of Libra in Europe. In April, the G20 Financial Stability Board released a comprehensive study on stable currencies, providing 10 recommendations for their effective regulation.
The G7 draft also included the group's concerns about ransomware attacks, which stipulate endangering essential functions as well as our collective security and prosperity.
Such attacks have escalated in countries including the United States, France, Germany, Greece and Italy since the start of the epidemic earlier this year.
