LONDON—A G7 taskforce is being created to examine how central banks can regulate cryptocurrencies such as Facebook’s Libra, a new report indicates.
Cointelegraph reported Francois Villeroy de Galhau, the governor of France’s central bank, as saying, “We want to combine being open to innovation with firmness on regulation. This is in everyone’s interest.”
“Although France has said it is not against Facebook creating a financial instrument, it vehemently opposes Libra becoming a sovereign currency.
Concerns have been raised over how to ensure cryptocurrencies comply with anti-money laundering laws, consumer protection rules and other regulatory matters,” Cointelegraph said.
‘Quite High Expectations’
The G7 taskforce is going to be led by Benoit Coeure, who sits on the board of the European Central Bank.
Last month Bank of England Governor Mark Carney, addressing Libra, said he believes his central bank “will wind up having quite high expectations from a safety and soundness and regulatory standpoint.”
In addition, a senior Russian official recently said the country will not legalize Libra because it could threaten the nation’s financial system, Cointelegraph said.