Digital currencies like Facebook's Libra must be held 'to the highest ...
CHANTILLY, France - Digital currencies like Facebook’s Libra must be held “to the highest regulatory standards” to ensure they are not used to launder money and that users are protected, a Group of Seven taskforce urged on Thursday.
“Everybody is in a place where we recognize that new technologies can provide advantages,” Canadian Finance Minister Bill Morneau told Reuters.“But people want safe and cheap, not just cheap. And so our job is to think about safe too ... We’ve got an emerging sense that we need to work together on this.”
“However...they give rise to a number of risks related to public policy priorities including anti-money laundering and countering the financing of terrorism, consumer and data protection, cyber resilience, fair competition and tax compliance.” “Financial regulators are favourable towards innovation. But that cannot come to the detriment of the security of the consumer,” Villeroy said on Thursday, adding that regulators wanted “answers” to their areas of doubt over Libra by October.
“Ministers agreed that a minimum level of effective taxation, such as for example the U.S. GILTI regime, would contribute to ensuring that companies pay their fair share of tax,” the chair summary seen by Reuters concluded. The meeting comes amid growing global economic uncertainty as U.S.-China trade tensions and slowing trade threaten to undermine a prolonged recovery.
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