Group of Seven: Facebook Libra coins should not be issued until they prove security

On October 13, a report from the Group of Seven (G7) warned that a cryptocurrency such as Libra would pose a risk to the global financial system. Even if Libra's supporters solve the problem, the project may not be approved by the regulator. The report further stated that the G7 believes that any Stabilizingcoin project should not be operational until the legal, regulatory and supervisory challenges and risks are not adequately addressed. The report states that supporters of digital currencies such as Libra must be legal in their business, protect the interests of consumers, and ensure that digital currencies are not used to money laundering or terrorist organizations. The report will be presented to the finance ministers at the annual meeting of the International Monetary Fund this week. According to the report, the “global stable currency” with the potential for “rapid expansion” will bring a series of potential problems. It is reported that the G7 Task Force writing this report is from senior officials of the Central Bank of China, the International Monetary Fund and the Financial Stability Board.