Regulators prepare response to Facebook’s Libra

Plans under way for G7 working group as crypto asset plans draw criticism in Europe and US

Mark Carney
Mark Carney: indicated there will be a swift regulatory response if Libra reaches any significant scale
Bank of England

Regulators are already drawing up plans for a response to Facebook’s proposed crypto asset, Libra, just a day after the project was unveiled officially.

In a sign that authorities are treating the proposals as potentially more serious than earlier crypto-asset launches, Libra drew condemnation from a senior US lawmaker and prompted the Group of Seven to prepare a working group to consider possible action on so-called stablecoins.

Libra was launched on June 18, and is slated to start operating

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