Global finance chiefs found common ground in their fear of Facebook Inc.’s Libra initiative as they met to discuss more contentious issues from digital taxation to the economic outlook on Wednesday.
“Finance ministers and central bankers all have serious concerns on whether all rules have been followed and if regulations need to be changed to guarantee financial stability,” Scholz said. “Swift action is required” to address the Libra issue, he said. Libra might be one of the few areas of agreement as officials clash over most other aspects of the international economic order. France is at odds with the U.S. on a French plan to impose a tax on digital revenues of major companies, another theme at the G7.
Some policy makers have said Facebook’s potential to build a cheap, fast international payments system would highlight their own deficiencies. Immigrant labourers, for example, can face high and frequent costs sending funds back to their families in their country of origin. Potentially Transformative“I can understand why finance ministers and monetary authorities might have reservations” about Facebook, given its history, said Jacob Kirkegaard, senior fellow at the Peterson Institute for International Economics in Washington D.C. The question is “are they the right entity to do it?”
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