US senators grill top exec over Facebooks libra cryptocurrency<\/a><\/p>\nThe warning came as G7 finance ministers converged on the French town of Chantilly for a two-day meeting where the growing dominance of US tech companies will be a hot topic.<\/p>\n
Mark Zuckerbergs social network proposed a new global payments system and currency linked to its 2.4bn-member social network in June. It has since sparked a backlash from regulators around the world.<\/p>\n
Facebooks poor history on privacy and fears over money laundering are some of the concerns that have been raised.<\/p>\n
\u201cWe cannot accept to have any exchange currencies with the same kind of power and the same kind of role of sovereign currencies,\u201d French finance minister Bruno La Maire told reporters at todays meeting.<\/p>\n
He added: \u201cThere is a need for regulation, there is need for very strong commitments and obligations for that project and for the time being the necessary requirements are not fulfilled by the project libra.\u201d<\/p>\n
French European Central Bank (ECB) executive board member Benoit Coeure will present a report to the meeting laying out what cryptocurrencies and digital coins such as libra mean for regulations and the economy.<\/p>\n
US and British officials have also issued warnings over Facebooks plans. Yesterday US treasury secretary Steve Mnuchin said Libra is a \u201clong way away from\u201d being approved by his countrys regulators.<\/p>\n
But US senator Sherrod Brown yesterday called Facebooks plans \u201cdelusional\u201d and \u201ccrazy\u201d during a hearing of the Senate banking committee, of which he is the ranking member.<\/p>\n
\u201cFacebook has demonstrated through scandal afRead More<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"France has joined the US and UK in saying strong regulations..<\/p>\n","protected":false},"author":1,"featured_media":128177,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-128176","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\n
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