CHANTILLY, France - Group of Seven finance chiefs cast a cloud over prospects for Facebook’s Libra digital coin on Wednesday, insisting tough regulatory problems would have to be worked out first.
But there are also deeper concerns that the powers of big tech companies increasingly encroach on areas belonging to governments, like issuing currency. “I am convinced that we must act quickly and that cannot go ahead without all legal and regulatory questions being resolved,” Scholz told journalists.
Central bankers say that if Facebook wants to take deposits, it needs a banking license, which would subject it to the strict regulation that goes with operating in that industry.See more stories G7 governments are concerned that decades-old international tax rules have been pushed to the limit by the emergence of companies like Facebook and Apple, which book profits in low-tax countries regardless of the source of the underlying income.
French Finance Minister Bruno Le Maire delivers a speech during a conference entitled"Bretton Woods: 75 years later" in Paris, France, July 16, 2019. REUTERS/Philippe Wojazer
'invention was binladin flying planes into two towers' close but your about 50 years out
By the looks of things cryptocurrencies will be the best way to buy other people’s stuff, im definately joining that business!! I promise to pay the bearer ZERO on demand but i want to buy your house with it, its even worth less than paper money 🙈 TheGreatAwakening apocalypse
just because FB screwed up the 2016 democrat election. Compaire the Libla to 911 is pathetic Shearmen!
poor argument ' creating currency is government business' since Bitcoin was not issued by any government. fb just wants to get money directly from you now as well as selling your data this story gets a double thumbs down
Zuck bucks, where everyone gets zucked.
The world is going to review Facebook' past and ignore it. Because, their new venture is all about giving access to those with no bank acct. The poor. Charity...
cryptocurrency is gonna be the what IP addresses was for librarians three decades ago
I won’t be buying any but if people want to buy it let them. Why do these assholes get to decide what Facebook or an everyday citizen is “allowed” to do. Personally I don’t think it’s a true cryptocurrency since it’s not decentralized like ethereum or bitcoin.
the elites vs the ppl
Ad for crypto at large 🙏
Facebook is untrustworthy. Enough said.
All Zuckerberg needs to do is hire a lobbying firm and star pumping $$. Nd watch how everybody aligns with the cause!
Must be something in there for all to agree so quickly
And we are talking about business freedom in the world? :) Politicians against Facebook Digital Currency :) Don't worry politicians facebook has many failures in their system and we don't trust them as because of many reasons.. Just for info government controls facebook :) Not me
Censor coin
Nobody can stop it. Too late. Idea is born.
nothing illegal about cutting out paper and calling it toybux, the fed is scared shitless
Libra = liberty of empty pocket for naive guys
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Source: CNBC - 🏆 12. / 72 Read more »