G7 Game: Keep Facebook’s Libra at Bay & Work On Own CBDC

CBDC Facebook Libra Regulation Stablecoin

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Linas Kmieliauskas

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Linas Kmieliauskas

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June 26, 2023 06:55 EDT

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The Group of Seven (G7) major developed economies reportedly reiterated that Facebook‘s Libra stablecoin can’t be launched until it is properly regulated, while at the same time the club is exploring central bank digital currencies (CBDCs).

“The G7 continues to maintain that no global stablecoin project should begin operation until it adequately addresses relevant legal, regulatory, and oversight requirements through appropriate design and by adhering to applicable standards,” Reuters reported.

It cited a draft prepared for a meeting of finance ministers and central bankers of the United States, Canada, Japan, Germany, France, Italy and Britain on Tuesday.

However, the draft added that digital payments could improve access to financial services, cut inefficiencies and costs, while “a number of G7 authorities are exploring the opportunities and risks associated with CBDCs,” the report said.
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