Creating G7 task force to ensure Facebook's Libra governed by regulations: France
Facebook's concurrency Libra
Governor Francois Villeroy de Galhau said the task force would be led by Benoit Coeure, a European Central Bank board member.
Facebook Inc announced plans this week to introduce a new global cryptocurrency called Libra, part of an effort to expand into digital payments.
It has joined with 28 partners, including Mastercard, PayPal and Uber, to form Libra Association, a Geneva-based entity that will govern the new digital coin, according to marketing materials and interviews with executives. No banks are yet part of the group.
Facebook's announcement drew a fast, worried reaction. The USSenate Banking Committee said it would hold a hearing on the plans next month. David Marcus, who oversees Facebook's blockchain efforts, is expected to testify, according to a source in Washington familiar with the matter.
)
The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS
)
Pentagon draws up new nuclear strategy in the event of war with Russia and China
)
India avoids higher US tariff, secures lower 10% rate. Here's how
)
'Affront to our sovereignty': Bangladesh slams India over Sheikh Hasina's Delhi press conference
)
Several Indian states ban analogue paneer: Experts explain what it is and the health risks | WION Decodes
)
'Dhoni Made Fleming Great': Panesar says ECB made the wrong choice for England Test coach
)
Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'
)
Strait of Hormuz deal with Oman being ‘finalised’: Iran’s foreign ministry
)
Did Trump's helicopter nearly collide with a passenger jet? US launches probe
&im=FitAndFill=(700,400))
Why Russian tanks are much lighter compared to US tanks
)
Lightning bolt strikes football field in Thailand, killing a player during a match
&im=FitAndFill=(700,400))
New OTT releases this week (August 3-9, 2026): Main Vaapas Aaunga, Uyir, Operation Safed Sagar- 6 titles coming on Netflix, Prime Video and more
)
Scientists find descendants of ancient sea creatures trapped under Antarctica's Blood Falls
)
American blogger Perez Hilton, covered in blood, cuts himself during livestream, hospitalized after distressing incident
)
Ukrainian astronomers see gargantuan objects dashing at 39,600 kmph on the Moon - 'They can reach Earth in 20 minutes'
)
'I was almost trafficked in Paris,' says Australian woman, shares terrifying ordeal - 'I am on the black market'
)
Jharkhand student protest: Sonam Wangchuk urges Devendra Mahato to end waterless hunger strike
)
Munir-protege Mohsin Naqvi’s claim of unearthing huge scam triggers tremors in Pakistan’s power corridors
)
Trump administration refunds $100 billion in tariffs after Supreme Court ruling
&im=FitAndFill=(700,400))
Pradeep Rawat died at 74: Revisit the unforgettable roles that defined his career
&im=FitAndFill=(700,400))
Who is Shreya Kalra? Meet the social media star who lifted the Lock Upp 2 trophy
)
India deploys joint outbreak response team as Chandipura virus spreads in Gujarat, Rajasthan
)
Sajeeb Wazed raises Indian security concerns, calls Bangladesh a 'failed state'
)
Mark Zuckerberg apologises to Indian government over harmful content, platform errors amid PM video row
)
Ex top Pakistan official blames economic woes on China: Here's how CPEC became a failure
)
'World's most beautiful village' with only 627 people generated Rs 58 lakh in traffic fines in 2025
)
CJP's Saurav Das alleges YouTubers broke into his house, seeks Delhi Police action
)
The genetic roots of Tamils: 75,000 DNA markers decoded in latest study of Sangam-era settlement
)
‘Pakistan called for ceasefire, we kept them waiting’: Ex-CDS Anil Chauhan recalls Operation Sindoor
)
Did military GPS jamming cause a plane to crash in New Mexico? Here's what a report says
)
What’s happening in Nepal? How did a local clash turn into communal violence? WION Decodes
Bank of England Governor Mark Carney said Libra had to be safe or it would not happen, and that the world's major central banks would need to have oversight.
France, which holds the rotating presidency of the Group of Seven nations, has said it does not oppose Facebook's creating an instrument for financial transactions. But it adamantly opposes that instrument becoming a sovereign currency.
"We want to combine being open to innovation with firmness on regulation. This is in everyone's interest," Villeroy told finance industry officials.
The concept of a "stable" cryptocurrency still needs to be defined, Villeroy said. In particular, what such instruments are stable against and how fixed their exchange rates need to be determined.
Villeroy also called for a network of national anti-money-laundering authorities, coordinated by the European Banking Authority, to carry out emergency measures and even substitute for national authorities, rather than creating a specialised European agency.
Several ECB officials, including Coeure, have argued in favour of creating such an agency over the past months.