New Threat for Libra: G7 Focused on Facebook's Crypto

Libra has got even more problems, now all G7 countries have paid attention to the containing risks of Facebook’s cryptocurrency

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One of the priorities of the G7 finance ministers meeting in France will be to contain the risks associated with the Libra cryptocurrency, Reuters reports.

The G7 is watching you

The Group of Seven ministers put the importance of discussing the issue of Facebook’s Libra alongside with taxation, income equality, transparency and green finance. 

Against the background of recent events around Libra and, in particular, hearings in the Banking Committee of the US Senate, the cryptocurrency is causing increasing concern in higher political circles.

The host of the meeting, Finance Minister Bruno Le Mayr, said the following:

The red line for us is that Libra must not transform into a sovereign currency.

Sounds unconvincing

Today, July 17, another hearing on the Libra is to take place. Yesterday’s meeting did not convince US senators, but only added fuel to the fire.

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Denis Sinyavskiy

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.