'Legal basis' an 'absolute prerequisite' for digital monies like Libra: G7
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
By AFP
October 18, 2019
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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