Charles de gaulle, France (Reuters) – France said on Wednesday the conditions were not right for Facebook to go ahead with the plan to Scale is a digital currency, such as the G7 finance ministers gathered north of Paris on Wednesday for a meeting aimed at reducing the powers of the big tech giants.
FILE IMAGE: 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/Image/File Photo
Facebook’s recent announcement of the launch of the digital currency has been met with a chorus of regulators and supervisors, central banks and governments to try to reduce the need for respect of anti-money-laundering rules, and to ensure the safety and security of the transaction, and the information of the user.
However, there are also deeper concerns that the increasing powers of the big tech companies increasingly encroach on the territories, which belong to the government, such as the issuance of currency.
“No, We can’t accept to change it with the same wattage and the same type of role as that of a sovereign currency, the French Finance Minister Bruno Le Maire told the press.
“There is a need for rules and regulations, there is a need for strong commitments to, and obligations for the project, and for the time being, the necessary requirements have not been complied with by the project in Balance,” he added.
In france, the chairman of the Group of Seven advanced economies this year, has asked the European Central Bank board member Benoit Coeure to a G7 task force to look at the crypto-currency is a digital coin as a Scale.
Coeure is due to have a draft report to the ministers and central bankers at the meeting, held in the picturesque castle town of Chantilly just north of Paris, france.
Bank of Japan Governor Haruhiko Kuroda said the task force will be the change in something (including a wide range of regulatory agencies out of the G7 countries, and in view of the enormous impact that Scale would have on the global economy.
“If the Scale is used all over the world, countries have to seek for an international coordinated response,” Kuroda said. “This is not something that can be discussed among the G7 central banks, alone.”
At the G7 finance ministers are also concerned about how it is best to load up on the major tech companies, in France most of his time as chairman of the two-day meeting is to gain broad-based support for the need to guarantee a minimum income tax.
The G7 governments are concerned that the decades-old international tax rules, have been pushed to the limit by the emergence of companies like Facebook and Apple, who have book profits in low-tax countries, regardless of the source of the underlying income.
The issue has become more vexed than at any time in the last couple of days in Paris, defied the US President, Donald Trump, last week, by the passing of a load of the big digital companies with sales in France, despite the threat of the Home with the launch of a probe that could lead to the market rates.
- Terms and conditions are not in place for Facebook and the Scale is going in France
The bilateral dispute to one side, and France and the United States of america for the benefit of the rules is to ensure a minimum tax, as part of an effort to almost 130 countries in the development of the international tax rules.
Although it is a G7 chord, it would set the tone for the broader push is an agreement among all of the G7 ministers, at a minimum, the rate or range of rates, it is likely to prove elusive, as the Uk and Canada, to reservations, a French Finance Ministry source said on Friday.
“If we don’t agree on in the G7, at the level of the general principles for the taxation of digital businesses, today or tomorrow, then, to be honest, it’s going to be hard for you to find out of 129 countries in the OECD,” Le Maire said.
Additional reporting by the Rest of the Rivet; Editing by Dan Grebler and Peter Graff