Is facebooks new crypto currency a threat to Central Banks leading g 7 economies say they need to act fast to contain libra before it debuts in 2020 we have the details. And next time you. Take a good look under the hood things are popping up from brazil to iran. This is your Business Report im stephen beards in berlin thanks for watching how seriously are governments taking facebooks plans to launch its cryptocurrency currency libra next year serious enough that Finance Ministers from 7 leading global economies spent much of wednesday talking about how to rein in the coin they focused on concerns like Money Laundering and Data Security but they also worried about what libra might mean for the global monetary system. The castle north of paris provided grand surroundings for the big discussion of the day arriving in shanty financial
leaders said they were determined to ensure the Regulator Recrown was prepared for the arrival of Facebooks Libra the given finance the g 7 Finance Minister
leaders said they were determined to ensure the regulator recrown was prepared for the arrival of facebook s libra the given finance the g 7 finance ministers and central bankers sitting together here all have grave concerns about facebook s proposals and have set themselves the goal of very carefully checking that all current regulations are being complied with and checking whether the rules need to be changed for the future so that we can ensure the stability of international financial systems systems good morning. sir if labor is to be used for payments it will have a significant impact on the economy and financial system if facebook wants it to be used globally countries must seek a globally coordinated response. or you will dismiss. central bankers don t appear to have been at all convinced by facebook s assurances that it has no intention of competing with sovereign currencies i will only launch libra once regulators are satisfied. to system around the table wasn t limited to fac