Financial leaders of the world's seven biggest economies will say on Tuesday that they oppose the launch of Facebook's Libra stablecoin until it is properly regulated, a draft G7 statement showed.
BRUSSELS - Financial leaders of the world’s seven biggest economies will say on Tuesday that they oppose the launch of Facebook’s Libra stablecoin until it is properly regulated, a draft G7 statement showed.
But such payment services had to be appropriately supervised and regulated so that they would not undermine financial stability, consumer protection, privacy, taxation or cybersecurity, the draft statement, seen by Reuters, said. Stablecoins are tied to a traditional currency or basket of assets, and used for payments or storing value.
The European Central Bank said this month that it should prepare to issue a digital euro to complement banknotes and its head Christine Lagarde said on Monday the bank was “very seriously” looking at the creation of a digital euro.
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