TechFlow News, citing Reuters, reports that a draft statement from the Group of Seven (G7) indicates financial leaders from the world's seven largest economies—the United States, Canada, Japan, Germany, France, Italy, and the United Kingdom—will oppose Facebook's proposed Libra stablecoin at their meeting on Tuesday, unless and until it is properly regulated.
The draft states that digital payments can enhance access to financial services, improve efficiency, and reduce costs. However, it emphasizes that such payment services must be adequately regulated to avoid undermining financial stability, consumer protection, privacy, taxation, or cybersecurity. Without proper regulation, such stablecoins could be used for money laundering, terrorist financing, and proliferation financing, potentially harming market integrity and governance and eroding legal certainty.
