'Legal basis' an 'absolute prerequisite' for digital monies like Libra: G7

AFP
October 18, 2019

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

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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.


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