G7 nations to act against Facebook′s ′Libra′ cryptocurrency plan | News | DW

After US lawmakers grilled Facebook on its ambitious plan to create a financial ecosystem based on a digital currency, the G7 group of world’s most developed economies also expressed their concerns about “Libra” on Wednesday.

The G7 bloc consists of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

“On Libra, we had a very constructive and detailed discussion with a very large and shared consensus on the need for action,” a French official told the AFP news agency on condition of anonymity, after a meeting of G7 finance ministers in Paris.

“Concerns (were) expressed by all the participants about the current situation and the need to act quickly,” the official added.

G7 finance ministers reportedly insisted that tough regulatory problems needed to be worked out before Libra’s introduction.

A G7 task force looking at cryptocurrencies like Libra would likely to include a broader range of regulators beyond the bloc, according to the Bank of Japan…