G7 Countries Halts Facebook’s New E-Currency ‘Libra’ in its Tracks

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The G7 group of developed countries has announced they will oppose the launch of so-called stablecoins, such as Facebook’s new e-currency Libra, to give them time to conduct a detailed assessment on the potential risks to the global financial system.

The global Financial Action Task Force has also expressed reservations, including Switzerland’s supervisory authority FINMA. Membership of the Libra Association consortium has now been offered to 21 investor companies (including Mastercard & Visa) who have since decided to step back from the project due to increasing regulatory pressure.