G-20 Warns of Serious Risks in Libra

Economy Politics Lifestyle

Washington, Oct. 18 (Jiji Press)--Top finance officials from the Group of 20 leading economies warned Friday against any move to launch Facebook's proposed cryptocurrency, Libra, before regulatory concerns are addressed.

The G-20 finance ministers and central bank governors issued the warning based on the view that Libra will pose serious regulatory risks.

"The G-20 reached agreement that Libra should not be launched before concerns about risks are addressed," Bank of Japan Governor Haruhiko Kuroda said at a press conference after their two-day meeting in Washington.

These concerns include a possible use of Libra as a means of money laundering and how to protect user rights.

At the news conference, Japanese Finance Minister Taro Aso, while recognizing the convenience of Libra, said, "If it is spread before rules are established, some people will suffer disadvantages."

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