Facebook Libra Under Fire From G7 Finance Leaders

Close on the heels of the scrutiny by US lawmakers, there’s some more bad news coming in for Facebook Libra, this time from finance leaders of G7 nations. Speaking at a G7 Finance meeting, several finance ministers stressed the need to address all important concerns before Facebook launched its cryptocurrency Libra.

While the Frence Finance Minister Bruno Le Maire talked about how Facebook’s move into cryptocurrencies could potentially jeopardize sovereignty of nations, the German Finance Minister, Olaf Scholz, highlighted data security concerns surrounding Libra.

There are also plans to set up a G7 task force under ECB board member Benoit Coeure to explore potential implications of Facebook Libra and cryptocurrencies in general. Central bankers feel that Facebook should have a banking license if it has plans to make users deposit money, which would enforce strict regulations on the management of Libra.

Central bankers have also raised concerns about the level of anonymity that exists in transacting in cryptocurrencies, and how this goes against the financial sector’s strict KYC requirements.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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