Cryptocurrencies such as Facebook’s Libra will need to be tightly regulated or they could destabilise the global economy, according to a working group set up by the G7 group of major western economies and Japan.
The financial innovations risk being used for money-laundering and the financing of terrorism, said a preliminary report from the group led by Benoît Cœuré of the European Central Bank, which was published on Thursday.
“[T]hey give rise to a number of serious risks related to public policy priorities including, in particular, anti-money laundering and countering the financing of terrorism, as well as consumer and data protection, cyber resilience, fair competition and tax compliance,” according to the report.
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