G7 points out that Libra, Facebook’s cryptomeda, should only be released with regulation

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Next Thursday the meeting of several powers is expected to launch an official communiqué on the case.

The Group of Seven, the popular G7, points out in a report that Facebook’s cryptomeda, Libra, should only be released under regulation. According to sources, on Tuesday the group will release a public statement.

Facebook’s intention to create its own cryptomeda has come to light in recent years. However, in 2019 the issue made headlines around the world as it became apparent that there were studies in the company on the subject.

With its own division within the company to create a cryptomoeda, Facebook scared many people. That’s because the social network user base, joining Instagram, WhatsApp, Facebook Messenger, exceeds 2 billion people.

Announcement
With a legion of people being able to use only the company’s cryptomeda, central banks jumped from the comfort of their chairs. The G7 should be next on the subject.

The information is from Reuters in Brussels.

G7 to release report on Libra and points out what launch should be after regulation
Since 2019 the world community of cryptomorphs has been waiting for the launch of Libra. With an immense potential to make the use of cryptominoes popular in the world, this currency would already have a legion of users.

However, when it was announced, it was received by central banks with suspicion. This is because coins are currently issued by centralised entities. In other words, the idea of a company issuing its own currency did not please.

As a result, Facebook CEO Mark Zuckerberg was summoned to a series of calls, even in the US. Currently, the project is still being developed, but should receive a new round of legal implications.

According to Reuters in Brussels, the G7 will release an official statement on the Libra on Tuesday. In the document, the G7 points out the need for the Libra to be released only after a regulation.

The Group of Seven is made up of the world’s most industrialised countries. It is them: Germany, Canada, the United States, France, Italy, Japan and the United Kingdom.

According to Reuters, the document makes it clear that countries are already struggling to launch their digital currencies, the CBDCs. Thus, the launch of any company’s stablecoins must be regulated.

Ransom attacks, Euro digital and more: pressure on cryptomorphs

The G7 has yet to address the growing ransom attacks involving cryptomime. As a ransom, hackers often ask Bitcoin or Monero from the victims, and with today’s digital economy the issue worries authorities.

In addition, the so-called digital Euro, which was even recently registered, is expected to be launched soon. This launch is being made by the European Central Bank, which is running to put the currency on the market.

In other words, the pressure to regulate the crypto-currency sector is being put as a priority. The meeting of the most industrialised countries around the issue shows that the Pound will have a major challenge in getting it to launch.

Cryptomorphs began in 2009, when Bitcoin was launched. It is still the world’s leading currency, and an alternative to the so-called fiduciary currencies. With the sector in full growth, BCs are running out of time to keep their role in society.

FSB releases report on stablecoin regulation and proposes „global stablecoin
On Tuesday (13), the G20 Financial Stability Board (FSB) released a report on the regulation of stablecoins. According to the Group of Twenty, member countries must conduct sector regulations on the subject.

„This report presents high-level recommendations for the regulation, supervision and oversight of global stablecoin (GSC) agreements,“ said the FSB

The 73-page G20 report launched this Tuesday still proposes the launch of a global stablecoin. In other words, it is possible that countries will come together to launch a world standard digital currency.

The G7 and G20 point in the direction of regulation, and both the pound and the Bitcoin should be framed soon.