G7 countries concerned about Facebook plans to launch its cryptocurrency

The heads of central banks and finance ministers of the G7 countries at a joint meeting expressed serious concern about the spread of cryptocurrencies, advocating for their maximum regulation. As an example, the event participants cited Facebook plans to launch Libra cryptocurrency. This was stated by the head of the French Ministry of Finance Bruno Le Maire.

Participants of the event believe that private companies should not have the same rights in terms of issuing currency as countries, when “democratic control” is impossible over these structures.

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G7 countries fear that the launch of Facebook cryptocurrency will weaken their powers in terms of banking and monetary policy, as well as create security risks.

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