The Latest: G-7 countries warn of risks from Facebook Libra

ABC News | 7/18/2019 | Staff
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The Latest on the G-7 finance ministers' meeting (all times local):

12:05 p.m.

Finance - Officials - Group - Seven - Democracies

Top finance officials from the Group of Seven rich democracies are warning that cryptocurrencies like Facebook's Libra should not come into use before "serious regulatory and systemic concerns" are addressed.

The chairman's concluding summary from the G-7 meeting in Chantilly, France, on Thursday says the officials "agreed" that so-called stablecoins - cryptocurrencies pegged to real currencies - will have to meet "the highest standards" of financial regulation to prevent money laundering or threats to the stability of the banking and financial system.

Statement - Ministers - Host - Bruno - Le

The statement says ministers including French host Bruno Le Maire and U.S. Treasury Secretary Steven Mnuchin agreed that those concerns must be addressed "before such projects can be implemented."

The summary says that the seven countries also expect the outlines of a global agreement on taxing digital business by next January.

Agreement

It said the agreement...
(Excerpt) Read more at: ABC News
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