G7 Group: Libra raises “serious regulatory and systemic concerns”

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  • Libra could disrupt the world’s financial system, especially if not regulated strictly.
  • The G7 group “cannot accept private companies issuing their own currencies without democratic control.”

The cryptocurrency market has woken up amid the G7 group of nations meeting. Bitcoin added over $1,000 to settle above $10,500 after testing $9,000.

The finance ministers of the G7 group have issued a warning saying that digital currencies like Libra could disrupt the world’s financial system, especially if not regulated strictly. In a news conference, the France finance minister Bruno Le Miare said that the G7 group “cannot accept private companies issuing their own currencies without democratic control.”

The Group of Seven is against huge corporations with a global presence launching stablecoins and payment products that have the ability to disrupt the financial system.

“Stablecoins and other various new products currently being developed, including projects with global and potentially systemic footprint such as Libra, raise serious regulatory and systemic concerns,” warns the ministers and central bank governors.

Read more: Bitcoin market update: BTC/USD appreciates by $1,000 reclaiming $10,500

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