G7 report highlights cryptocurrency concerns

A report issued by the Group of Seven major nations has identified regulatory concerns over cryptocurrencies, including Facebook’s Libra.

G7 finance chiefs have already agreed that Libra needs to meet the highest level of financial regulation ahead of its launch next year.

The new report finds cryptocurrencies could become a faster and cheaper means for cross-border payments.

But it warns of the potential for money laundering, terrorist financing and other forms of illicit activity as well as data theft.

The report cautions that crypto-assets could pose risks to the monetary policies of individual countries and the global financial system.

It states private-sector entities planning to issue crypto-assets will need to address an array of legal, regulatory and oversight challenges and risks.