Digital currencies such as Libra from Facebook should be subject to "the highest regulatory standards" in order to counter money laundering and protect users, the Big Seven said this Thursday.
Reuters had at its disposal a draft of the resulting document from the meeting of the finance ministers of the group's countries in France, where they agreed to resolve issues related to the regulation of the digital economy.
The main topic of the meeting was the cryptocurrency of Facebook. Attendees expressed concern that large technology companies were beginning to enter areas under the original control of the authorities, such as the production of currencies.
"Everybody understands that new technologies can be advantageous. But people need a safe and cheap solution, not just a cheap one. So we have to think about safety, too. We have a feeling that we should work together on this issue," Canadian Finance Minister Bill Morno told Reuters.
Fears are also associated with the fact that Facebook's ambitions in the field of digital currencies may weaken the authorities' control over monetary and banking policies, resulting in security risks.
Global stablecoin for retail use can provide an opportunity for faster and cheaper settlements, increase competition in the payment industry and thus reduce costs, as well as support the spread of financial services," said ECB Board Member Benoit Cure during the meeting. - However, this results in a number of risks associated with public policy priorities, including anti-money laundering and counter-terrorist financing, consumer protection and data protection, cyber threats, fair competition and tax compliance.
The head of the Bank of France, François Villeroy de Gaglio, said that financial regulators will not sacrifice consumer safety for the sake of innovation: "Financial regulators are supportive of innovation, but not at the expense of consumer safety.
Earlier, the U.S. Congress held a hearing on Libra, where participants expressed similar views.