Surely the G7 has more pressing needs than fretting over Libra? It would appear not as, according to Reuters, the G7 (United States, Canada, Japan, Germany, France, Italy and the United Kingdom) had Libar on the agenda to discuss at a recent G& meeting at the beginning of October 2020. It is somewhat ironic, as apparently most of the G7 members are currently exploring the possibility of launching their own CBDC (as it is a very inclusive payment mechanism), yet they wish to ban Libra.
Reuters has reported, “G7 require payment systems to be supervised and regulated to guarantee:
financial stability;
consumer protection;
privacy policy;
security.
Without these guarantees, the risk is that coins like Libra are used for money laundering and terrorism financing, or other illegal purposes”.
However, is the G7 more concerned that Libra is, indeed, too closely associated with Facebook? Given Facebook’s 2.7billion active users in Q2 2020, which is almost 3.5 times the population of the citizens within the G7’s countries, it is easy to see why the conglomerate is nervous. In the light of almost zero interest rates globally, governments have lost control over their ability to...
financial stability;
consumer protection;
privacy policy;
security.
Without these guarantees, the risk is that coins like Libra are used for money laundering and terrorism financing, or other illegal purposes”.
However, is the G7 more concerned that Libra is, indeed, too closely associated with Facebook? Given Facebook’s 2.7billion active users in Q2 2020, which is almost 3.5 times the population of the citizens within the G7’s countries, it is easy to see why the conglomerate is nervous. In the light of almost zero interest rates globally, governments have lost control over their ability to...
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