Japanese Finance Minister Taro Aso on Wednesday urged his G7 counterparts to mak...
CHANTILLY, France - Japanese Finance Minister Taro Aso on Wednesday urged his G7 counterparts to make a comprehensive assessment of Facebook Inc’s Libra digital currency for any fresh challenges that could be overlooked by existing regulations.
The social media company’s plan to launch a digital coin has met with criticism from regulators, central bankers and governments who say it must respect anti-money-laundering rules and ensure the security of transactions and user data. “Applying existing regulations alone may not be enough. A comprehensive examination is needed to see if Libra poses new challenges that existing rules do not take into account,” Aso told reporters after the first day of a two-day G7 gathering that ends on Thursday.
Finance leaders of the Group of Seven top economies gathering in Chantilly, north of Paris, agreed on the need to highlight their concern on Libra, though there was no consensus on how to regulate it, said a senior Japanese finance ministry official who was present at the talks.
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