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

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.

⏱⏳ Le #G7Finance débute dans quelques heures. Tout est prêt pour accueillir les ministres et leurs délégations ⤵️ pic.twitter.com/UA4TSWirjM

— Ministère de l'Économie et des Finances (@Economie_Gouv) July 17, 2019

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.