RATE Group | Facebook’s Libra cryptocurrency faces new hurdle from G7 nations
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Facebook’s Libra cryptocurrency faces new hurdle from G7 nations

18 Oct Facebook’s Libra cryptocurrency faces new hurdle from G7 nations

Posted at 04:24h in Cryptocurrency News by

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LONDON/WASHINGTON (Reuters) – Facebook’s plans to launch its Libra cryptocurrency faced a new hurdle on Thursday, when the Group of Seven wealthy nations said such “stablecoins” should not be allowed to launch until the profound international risks they pose are addressed.

FILE PHOTO: Shadow of a 3D-printed Facebook Libra cryptocurrency logo is seen near cryptocurrency representation in this illustration taken, September 13, 2019. REUTERS/Dado Ruvic/File Photo/File Photo

When launched on a wide scale, stablecoins – digital currencies usually backed by traditional money and other assets – could threaten the world’s monetary system and financial stability, a G7 working group said in a report to finance ministers gathered in Washington for the IMF and World Bank fall meetings.

The emerging technology, which is now mostly unregulated, like other cryptocurrencies, could also hinder cross-border efforts to fight money laundering and terror financing, and throw up problems for…

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