The G7 finance ministers gathered in Chantilly, France, on Wednesday, presenting a united opposition to Facebook’s plan to launch Libra, a digital currency.
“There’s widespread concern,” admitted Italy’s Giovanni Tria, warning that legislation to hinder this development would soon be introduced.
“Today the conditions are not in place for this currency the Libra as proposed by Facebook to go ahead,” the French finance minister Bruno Le Maire; Le Maire also made clear that he did not want to see the emergence of Libra as a “sovereign currency.”
“… It cannot go ahead without all legal and regulatory questions being resolved,” German finance minister Olaf Scholz said.
Facebook is one of 28 founding members of the Libra Association which will be headquartered in Geneva and which is in talks with Swiss regulatory authorities about a framework.