Sound legal basis a must for digital monies like Facebook's Libra: G7



Facebook's proposed digital currency must have legal and regulatory issues worked out in key economies before it can be put into use, the Group of Seven economies said Thursday.
In a new report on stablecoins -- a type of digital currency backed by reserves assets -- the G7 also urged regulators to coordinate their work to prevent issuers from seeking out the most favorable country from which to operate.
"For stablecoin developers, a sound legal basis in all relevant jurisdictions... is an absolute prerequisite," according to the report from the G7 working group led by Benoit Coeure, a European Central Bank board member.
Facebook's Libra has generated intense scrutiny from officials worldwide who worry about the impact it could have on the financial system.
France's Economy Minister Bruno Le Maire is due to hold a news conference to discuss the report's findings.
Digital currencies are ripe for use by terrorist organizations or for money laundering, so developers must have "legal clarity" about "all participants in the stablecoin ecosystem, such as coin holders and issuers," the report said. Read More



Article Source -> Business Standard

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