G20 Leaders Want Strict Regulations Over Stablecoins like Libra
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Oct. 18, 2019
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Finance officials of the G20 leaders have agreed on strict regulations over digital assets such as Facebook's Libra stablecoin, the Reuters reports.

According to a press release, that was issued right after the G20 leaders' meeting, stablecoins still pose such risks as money laundering, illicit finance, and consumer and investor protection.

"Such risks, including in particular those related to money laundering, illicit finance, and consumer and investor protection, need to be evaluated and appropriately addressed before these projects can commence operation," states the press release.

The Reuters claims Bank of Japan Governor Haruhiko Kuroda said the G20 will discuss on how to regulate these digital assets based on proposals from watchdogs like the Financial Stability Board and the Financial Action Task Force (FATF).

Earlier, Bertrand Perez, Chief Operating Officer and Interim Managing Director of the Libra Association, said that several companies, including some banks, have shown interest in joining the Libra project.

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