Financial representatives from the group of seven major economies met to discuss Facebook's plans for its own cryptocurrency.
Facebook's Libra is reportedly being probed by the European Union's competition authorities. The cryptocurrency plan has been met with intense skepticism from both data protection activists and regulators.
Facebook's plan to introduce its own cryptocurrency has come under sharp criticism from many countries. The social media giant announced in June that it would roll out a new digital currency, called Libra, from 2020.
The G7 ministers said this week they want to clamp down on cryptocurrencies like Facebook's Libra, arguing new and untested digital coins risk destabilizing international monetary systems. But can they and should they?
US lawmakers have grilled Facebook on its ambitious plan to create a financial ecosystem based on a digital currency called Libra. The project is viewed with skepticism in many countries, including Germany.
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