G7 finance ministers expressed “serious worry” about the dangers of cryptocurrency, in particular, the Facebook Libra digital coin, Capitalfm reported.
Officials from the United States, France, and other countries are skeptical of Libra and cryptocurrency, which can make the financial system more efficient, but also bear risks.
French Finance Minister Bruno Le Maire told reporters that all the members of the G7 expressed “serious worry” about this project.
“It poses serious difficulties – technical and political,” he said. “There are rules that have to be respected by everyone. So far this is not the case for Libra,” he added.
Facebook proposed to create a Libra cryptocurrency, which will be linked to existing currencies, to make it more stable than bitcoins, and will have the support of numerous large companies. Governments around the world are trying to assess how this will affect the economy.