G7 draft: Facebook's Libra must not start until properly regulated

The G20’s Financial Stability Board set out 10 recommendations in April for a common, international approach to regulating stablecoins, prompted by social media giant Facebook proposing its Libra stablecoin. — Reuters

BRUSSELS: Financial leaders of the world's seven biggest economies will say on Oct 13 that they oppose the launch of Facebook's Libra stablecoin until it is properly regulated, a draft G7 statement showed.

The draft, prepared for a meeting of finance ministers and central bankers of the United States, Canada, Japan, Germany, France, Italy and Britain, said digital payments could improve access to financial services, cut inefficiencies and costs.