G7 Meeting of the Central Bank Governors of the Finance Ministers, Speedy Agreements on the Regulations for Virtual Money (Crypto-assets)

The G7 meeting of central bank governors, held in France, agreed to hold discussions on the virtual currency Libra planned by Facebook and to respond quickly in terms of regulations on virtual currency (crypto-assets), citing concerns over the currency's "issue" of national sovereignty.

With Facebook at the forefront, the virtual currency industry is pushing to expand its new financial system, which allows users to pay only with smartphones without going through banks, with the goal of establishing global foreign exchange and financial infrastructure without borders due to its quickness and convenience.

In response, governments are expressing concerns over the potential of users of Facebook affiliates, who account for nearly half of the world's population, and the possibility that the spread of Facebook's independent economic bloc will replace the functions of each country's legal currency and financial institutions, such as the U.S. dollar and the euro, as well as the issuance of currency on national sovereignty.

The G7 members include the U.S., Britain, Germany, Japan, Italy, Canada, and France, which holds the chairmanship. Central banks are currently playing a role in investigating how to engage in virtual currencies such as Facebook's Libra on money laundering, anti-terrorist funding and consumer protection.

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

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