France, G7 cryptocurrency task force ” as Facebook, the Scale unsettles the authorities

PARIS (Reuters) – France has been the creation of a task force by the G7 in order to examine how the central banks have to make cryptocurrencies like Facebook, the Scale will be governed by the rules, ranging from the administration of the laws for the protection of the consumer, and rules, France’s central bank governor said on Friday.

Representations of virtual currency are to be displayed on the front of the monitor the logo in this illustration picture the 21 of June, 2019 at the latest. REUTERS/dado Ruvic/Illustration

The governor, Francois Villeroy de Galhau said the task force would be headed by Benoit Coeure, a European Central Bank, the board of directors.

Facebook Inc. this week announced the creation of a new global cryptocurrency, called Libra, which is part of an effort to expand into digital payments.

It has to work with 28 partners, including credit card, PayPal, Uber, forms, Scales of the Association, a Geneva-based entity, which will be applied to the new digital currency, according to the marketing materials, and interviews with managers. None of the banks are still part of the group.

Facebook’s announcement drew a quick worried comment. The U.S. Senate Banking Committee said it would be a public hearing on the plan next month. David Marcus to oversee Facebook for the blockchain efforts, is expected to testify, according to a source in Washington familiar with the matter.

Bank of England Governor, Mark Carney, said the Scale had to be safe, or it wouldn’t happen, and that’s all the world’s major central banks would have to monitor.

In france, the chairman of the Group of Seven nations, said that the opposition is not opposed to Facebook, is the creation of a mechanism for financial transactions. But it is adamantly against this becoming a sovereign currency.

“We want to be open to innovation and to the strength of the regulatory framework. It is in the best interest of everyone,” Also told the the financial sector as a civil servant.

The concept of a “stable” cryptocurrency has yet to be defined, the Firm said. In particular, some of such instruments have been stable at and fixed rates of exchange to be determined.

Also, for a network of national anti-money laundering authorities, co-ordinated by the European Banking Authority (fsa) for the conduct of emergency operations, and even of the national authorities, rather than the creation of a specializd agency.

Several ECB officials, including Coeure, have argued in favor of the creation of such an agency in the past few months.

Report by Inti Landauro; writing by Richard Lough; editing by Luke Baker Larry King

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