G7 Forms a Special Countermeasures Team for Cryptocurrency with France as the chair country of the G7

Reuters reports have revealed that G7 is creating a special task force consisting of member states to review the G7's regulations and other issues such as money laundering measures and consumer protection using cryptocurrency under the guidance of France, who is the chairman of G7 as of 2019.

The G7 members consist of France, the United States, Britain, Germany, Japan, Italy and Canada. In terms of money laundering measures and consumer protection, the task force will investigate how central banks in each country should be involved in cryptocurrency projects such as Facebook Libra.

Critics point out that one factor that prompted the team to form was the Facebook's "Libra" project. Facebook published a whitepaper on its virtual currency, Libra last week while announcing its plans to use Libra as a payment tool. The support of Libra's project involves large financial companies such as Visa and Mastercard, but the bank is not involved.

Not only the cryptocurrency industry but also governments are responding to Libra's announcement. The chairman of the U.S. House of Representatives' Financial Services Commission, the governor of the Bank of England and the French Finance Ministry also expressed concerns.

It is likely that Facebook, not a financial company, will not be allowed to do financial work like a bank and issue a Sovereign currency like a country. In addition, money laundering using Libra and collecting new personal data on Facebook are also creating concerns.

Currently, the French finance minister said that the government is responsible for such tasks as the issuance of money used worldwide and is reviewing requests for security guarantees, such as raising funds for terrorism and appropriating fraud.

According to Francois Villeroy de Galhau, the chairman of the French Central Bank, he stated, "we are trying to embrace innovation, but he needs strict regulations. It is because the regulation will help everyone."

Meanwhile, the International Organization for Money Laundering (FATF) has newly announced a guideline that clarifies the oversight of cryptocurrency assets directed at member countries and regions, and is urging FATF member states and regions to tighten their own regulations with the aim of preventing money laundering and terrorist funding.

As G7 and FATF (including G7 countries) are accelerating measures against irregularities seen in the cryptocurrency industry, they must pay attention to the other factors that may impact the industry, including Libra.

Reporter James Lee (news@dailycoinews.com)의 기사 더 보기

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