WASHINGTON: Facebook´s proposed digital currency must have legal and regulatory issues worked out in key economies before it can be put into use, the Group of Seven economies said Thursday.
In a new report on stablecoins -- a type of digital currency backed by reserves assets -- the G7 also urged regulators to coordinate their work to prevent issuers from seeking out the most favorable country from which to operate.
"For stablecoin developers, a sound legal basis in all relevant jurisdictions... is an absolute prerequisite," according to the report from the G7 working group led by Benoit Coeure.