G-7 Financial Chiefs Agree on Need for Libra Regulations

Economy

Chantilly, France, July 17 (Jiji Press)--Top finance officials from the Group of Seven major countries Wednesday agreed on the need for swift response to Facebook Inc.'s proposed Libra digital currency, such as new regulations.

The G-7 finance ministers and central bank heads also shared grave concern over Libra at a meeting in Chantilly, northern France. A chairman's summary will be issued Thursday to wrap up the two-day meeting.

The officials also decided that a working group of G-7 central bankers will draw up a final report on Libra as early as October, according to French government sources.

This is the first time that a major international conference has taken up the Libra initiative, which has sparked worry that the proposed digital currency would negatively affect financial systems and monetary policies around the world.

Following the agreement among the G-7 officials, talks are expected to accelerate to create an international regulatory framework. This may lead to a delay in the launch of Libra expected for the first half of 2020.

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Jiji Press