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G7 : Facebook’s Libra Could Threaten World’s Monetary System

G7 : Facebook’s Libra Could Threaten World’s Monetary System

G7 Facebook’s Libra Could Threaten World’s Monetary System-techcryption

The annual meeting between International Monetary Fund (IMF) and World Bank held in Washington yesterday, had cryptocurrency on their discussion list.

Authorities of G7, an international intergovernmental economic organization consisting of seven largest IMF-described countries said in a report to the finance ministers, stablecoins could threaten financial stability and it should not be launched until profound jeopardies are encountered.

According to Reuters, the report mentioned that stablecoins invented by private sector entities are looked forward to clearing a line of legal, regulatory, challenges and risks. With regards to that, the report emphasized on Facebook’s Libra.

The Libra Association reciprocated by replying to the report saying, “Libra was designed to respect national sovereignty over monetary policy, as well as rules against money laundering and other efforts to stop illicit finances.”

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They stressed that the design of Libra is to cooperate with current regulatory institutions and not damage or sabotage it.

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