G-7 Finance Officials to Discuss Libra

Economy Politics

Tokyo, July 15 (Jiji Press)--Top finance officials from the Group of Seven leading industrial nations this week will discuss how to regulate Libra, a cryptocurrency planned by Facebook Inc.

Facebook plans to issue Libra in the first half of 2020. Given the U.S. social network's over two billion users, the digital coin could march government-issued currencies in terms of influence.

The discussions among the G-7 finance ministers and central bank governors come as experts raise concerns about Libra, including how to ensure privacy protection and prevent its use in money laundering. The G-7 officials are set to meet in Chantilly, France, Wednesday and Thursday.

France last month set up a working group of representatives from G-7 central banks. Based on a report from the group, the ministers and central bank governors will discuss Libra's risks and oversight.

A report released by the International Monetary Fund Monday about the rise of digital money such as Libra said, "The power of network effects to spread the adoption of new services should not be underestimated."

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Jiji Press