A report compiled for finance ministers of the world’s largest economies has taken a strict line on Facebook’s mooted Libra payment system, warning that “significant work” will be needed before any regulatory nod.
Benoît Cœuré, a member of the European Central Bank (ECB) executive board, was hastily tapped to chair a G7 task force on stablecoins in the immediate aftermath of Facebook’s announcement of the planned system last month.
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