Major world leaders opposed Facebook’s digital currency on Friday, warning that the global currency poses a serious threat to national sovereignty. German Finance Minister Olaf Scholz said he felt “very skeptical” about Facebook’s Libra. “I favor not allowing the establishment of such a global currency because that is the responsibility of democratic states,” he said. However, the finance minister acknowledged that there is a need for banking reforms to make transnational transfers more straightforward. The Group of 20 leading economies warned that without proper regulations in place, Facebook’s digital currency could give room for money laundering and terror financing. European officials were among those looking for the most stringent restrictions on Facebook’s proposed currency. They said they want to completely veto the currency to “protect” the autonomy of democratic states, adding that the currency could also threaten control over exchange rates. The G7 and the European Central Bank said that if launched on a wide scale, the digital currency could threaten the world’s monetary system and financial stability. Read more : EU online copyright reform won’t break the internet ‘Unwelcome in Europe’ French Economy Minister Bruno Le Maire said Italy, Germany and France will take further steps in the upcoming weeks “to show clearly that Libra is… Read full this story
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