The massive social media company’s plan to launch a digital coin has met with a chorus from regulators, central bankers and governments saying it must respect anti-money-laundering rules and ensure the security of transactions and user data.
“The overall mood around the table was clearly one of important concerns about the recent Libra announcements, and a shared view that action is needed urgently,” he added. France, which chairs the Group of Seven advanced economies this year, has asked European Central Bank executive board member Benoit Coeure to set up a G7 task force to look into crypto-currencies and digital coins like the Libra.
Some central bankers also say that allowing people to transact anonymously is a non-starter given financial sector regulations that require payments firms to hold basic information about their customers.Bank of Japan Governor Haruhiko Kuroda said the G7 task force was likely to evolve over time into something including a broader range of regulators beyond the group, given the huge impact Libra could have on the global economy.
The issue has become more vexed than ever in recent days as Paris defied U.S. President Donald Trump last week by passing a tax on big digital firms’ revenues in France, despite a threat from Trump to launch a probe that could lead to trade tariffs.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business Maverick: Sub-Zero Bonds Start to Appear in Emerging MarketsA sinkhole of negative-yielding debt in emerging markets has doubled in size over the past week. This time last year it was non-existent.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Tuesday, July 16: Five Things You Need to Know to Start Your DayDonald Trump weighs in on China GDP. Facebook won’t launch Libra until regulators are satisfied. And a former U.S. National Security Advisor spars with a Chinese diplomat on Twitter over race. Here are some of the things people in markets are talking about today.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: Economic (in)flexibility: There’s just no fiscal spaceMost countries have one thing in common: Heavily indebted governments. So it would be unrealistic to expect fiscal policy to come to the rescue in the event of a global recession – unless they build up a buffer during the years ahead by engaging in fiscal consolidation.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Limited Liability of Big Tech Under the MicroscopeUS senators used a Congressional hearing on Tuesday to push the idea of overhauling a law that protects YouTube, Facebook and other internet services from being sued for the content users post.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Lawyer Who Took on Brexit May Sue Over Suspending ParliamentThe lawyer who won a landmark ruling that allows the UK to reverse Brexit is considering what could be one of several lawsuits seeking to block any attempt to suspend Parliament to force through a no-deal departure from the bloc.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: US to Withhold F-35 Fighters From TurkeyDonald Trump said the US would withhold sales after Ankara received a new air-defence system from Russia, putting new strains on the North Atlantic Treaty Organization.
Source: dailymaverick - 🏆 3. / 84 Read more »