G7: Literacy currencies such as Libra pose a threat to global financial stability

According to CoinDesk, at the G7 Finance Ministers Summit, Benoit Coeure, a member of the European Central Bank (ECB) Executive Committee and head of the G7 working group, told the G7 that a global stabilization mechanism for retail purposes could provide faster Cheaper remittances stimulate payment competition, thereby reducing costs and supporting broader financial inclusion. But Libra-like cryptocurrencies pose serious risks to policy monitoring such as anti-money laundering, terrorist financing, consumer data protection, and taxation. Francois Villeroy de Galhau, governor of the Bank of France and member of the European Central Bank's management committee, also said that although regulators seek to encourage innovation, this should not be at the expense of consumer safety. Libra also needs to disclose more details on the response in the gray area.