Technology

France created G7 cryptocurrency special task force: response to Facebook Libra

France G7 task

The Governor of the French Central Bank said on Friday that the country is setting up a France G7 task force to study how the central bank ensures Facebook- like Encrypted currencies such as Libra are regulated by various regulations.

G7

Facebook Libra

  French central bank governor Francois Villeroy de Galhau said the group would be led by ECB committee member Benoit Coeure.

  Facebook this week announced plans to introduce Libra, a new global cryptocurrency, as part of its digital payment program.  According to marketing materials and interviews with executives. Facebook includes MasterCard. PayPal and UberThe 28 partners have formed the Libra Association, a Geneva-based entity that manages new digital coins. But no bank is involve.

  The Facebook statement quickly raised concerns. The US Senate Banking Committee said it will hold a hearing next month. According to a person familiar with the matter familiar with the matter.David Marcus. Who oversees the work of the Facebook blockchain, is expect to testify.

  Mark Carney, governor of the Bank of England. Said Libra must safe enough that it would not launch and that the world’s major central banks need to supervise.

G7

  France, the rotating presidency of the G7, said it did not object to Facebook’s creation of financial trading instruments. But it is firmly oppose to this tool becoming a sovereign currency.

  “We want to combine openness to innovation with a firm attitude towards regulation. It is in everyone’s interest.” Villeluw de Gallo tell financial industry officials.

  Villerouva de Gallo said that the concept of “stable” cryptocurrency still needs to be defined. In particular, you need to determine which tools are stable and how to determine their exchange rates.

  Villeroud Gallo also called for the establishment of a national anti-money. Laundering regulatory network coordinated by the European Banking Authority to implement emergency measures and even replace national regulatory agencies rather than establishing a dedicated European institution.

  But several ECB officials, including Corey, have been advocating the establishment of such an institution for the past few months. 

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