Facebook’s Libra threatens to threaten the global economy G7 finance minister is seriously concerned

Seven industrial countries (G7) finance ministers and central bank presidents held a meeting, the meeting continued to issue cryptocurrency on the Facebook program Libra threatened the global economy issued a serious warning, making the face book currency The release plan is facing a new impact.

After Facebook announced the launch of Facebook’s Libra plan last month, governments have expressed concerns, and criticisms have pointed out that users have spread false news and extremist films on Facebook, and Facebook has long lost its reputation.

France, the presidency of the G7, said in a statement that the G7 “agrees that plans such as Libra may affect monetary sovereignty and the function of the international monetary system.” G7 Finance Minister and Central Bank President at the Chantilly rally near Paris, France, the two-day conference will end today.

France says plans like Libra have “global and possible systematic footprints… serious concerns that threaten regulatory and systemic risks, and broader policy issues that must be addressed before such plans are implemented. “.”

French Finance and Finance Minister Bruno Le Maire said companies should not be able to create sovereign currencies.

Francois Villeroy de Galhau, the president of the Bank of France, said that all G7 members expressed their strong and strong desire to be alert and hope to act quickly.

He denied that the finance minister and central bank president sought to curb any form of financial innovation, but said that “in a way, it must not harm consumer safety and instability of the value of the transaction.”

He told BFM Business in France: “There are many questions to be solved for this project, but there is no doubt that the plan cannot be activated until these questions are answered.”

German Finance Minister Olaf Scholz said that all the finance ministers and central bankers attending the meeting had a strong reservation about Libra.

He said: “We are talking about currency stability, security, data protection and democratic control.”

Credit : https://www.cna.com.tw/news/ait/201907190104.aspx