Stablecoins like Libra must be held to highest standards: G7

CHANTILLY, France: Stablecoins like Facebook's Libra can foster financial inclusion but they must be held"to the highest regulatory standards" to ensure that they aren't used to launder money and that users are protected, a Group of Seven taskforce on the issue concluded.

The taskforce, chaired by European Central Bank board member Benoit Coeure, found stablecoins can bring down the cost of remittances and forms of payment, helping poorer people who can ill afford financial services. "A global stablecoin for retail purposes could provide for faster and cheaper remittances, spur competition for payments and thus lower costs, and support greater financial inclusion," Coeure told the G7 meeting."However...they give rise to a number of risks related to public policy priorities including anti-money laundering and countering the financing of terrorism, consumer and data protection, cyber resilience, fair competition and tax compliance.

He cited existing global rules for providers of market infrastructure and guidelines from the Financial Action Task Force against money-laundering and terrorism financing, among other requirements.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Japan urges G7 to think beyond existing rules in dealing with Libra[CHANTILLY] Japanese Finance Minister Taro Aso on Wednesday urged his G7 counterparts to make a comprehensive assessment of Facebook Inc's Libra digital currency for any fresh challenges that could be overlooked by existing regulations. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

France says G7 focused on containing risks of Facebook's LibraGroup of Seven finance ministers meeting in France this week will make it one of their priorities to contain the risks posed by new currencies ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

France says Facebook's Libra not yet viable as G7 minister meetFacebook'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 ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Senate to grill Facebook over plans for Libra cryptocurrencyWASHINGTON/NEW YORK: U.S. lawmakers from both sides of the aisle are set to grill Facebook Inc on its cryptocurrency plans on Tuesday, as the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Senators grill Facebook on its plans for Libra cryptocurrencyWASHINGTON: Facebook Inc is 'delusional' to believe people will trust it with their money, a U.S. senator said on Tuesday as lawmakers from both ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

US senators grill Facebook on its plans for Libra cryptocurrencyU.S. lawmakers from both sides of the aisle are set to grill Facebook Inc on its cryptocurrency plans on Tuesday, as the project continues to draw ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »