France Creates G7 Taskforce to Study Facebook’s Cryptocurrency

G7 and Facebook Coin
G7 Nations Setup Task Force for Facebook Coin

Following series of reactions to the announcement of Facebook’s Libra cryptocurrency, most governments seem unsettled. The French seem to have taken it a step further after early comments made by French minister of Economy; who asked for ‘guarantees’ with regards to the privacy accusations against Facebook.

Just as in direct response, the G7 (Group of world’s 7 best economies) headed by France, has today set up a task force to examine how Facebook’s cryptocurrency can be regulated. Speaking on the matter, Francois Villeroy de Galhau, Governor of France’s central bank says:

We want to combine being open to innovation with firmness on regulation. This is in everyone’s interest.

France however says it’s not against Facebook creating a financial instrument; it only opposes the Libra becoming a sovereign currency.

The G7 task force is headed by Benoit Coeure, a board member of the European Central Bank; who is charged with studying Facebook’s coin proposal with a focus on consumer protection, operational resilience and AML requirements; which are major concerns expressed by the EU and G7.

Other Central Bank Governors from Britain and Germany have asked for scrutiny of the project; which they say could give Facebook enormous central control.

Bank of England Governor Mark Carney in an interview today says the backlash was expected; even though he was consulted prior to the announcement. In his words: “It has to be safe, or it’s not going to happen.”

Germany’s CBN Governor warned: “Facebook’s stablecoin could undermine banks, if they become a widespread alternative to bank deposits in conventional currencies.”

It is yet to be known, if these arguments are an expression of fear of domination by Facebook over banks? Or a genuine interest to protect users?

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