RATE Group | G7 countries echo India’s concerns over Facebook’s cryptocurrency
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G7 countries echo India’s concerns over Facebook’s cryptocurrency

18 Oct G7 countries echo India’s concerns over Facebook’s cryptocurrency

Posted at 11:35h in Cryptocurrency News by

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  • G7 working group expressed its concerns over Facebook’s cryptocurrency in a report presented to the G7’s finance ministers.
  • ‘Stablecoin’ will be launched by a private sector entity, so its design needs to address a wide range of legal and regulatory concerns, according to their report.
  • India also expressed similar concerns regarding stablecoin being a private cryptocurrency.

Facebook’s attempt to launch a digital currency is met with resistance and apprehension in a lot of nations. Though the social networking giant never announced any plans to
introduce its ‘stablecoins’ in India, the country preemptively expressed its apprehension.

“It would be a private cryptocurrency and that’s not something we have been comfortable with,” stated Indian authorities.

Now, G7 countries are joining the bandwagon. “Private sector entities that design stablecoin arrangements are expected to address a wide array of legal, regulatory and oversight challenges and risks,” said the report presented by…

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