European leaders step in to block Facebook's digital currency

Facebook Libra Steven Mnuchin

Mass adoption of such currencies could hinder efforts to detect and stamp out money laundering and terrorist financing, Reuters reported on October 18.

"It is our job to ensure the new risks in connection with stablecoins will be adequately addressed".

Stablecoins have existed for several years, although it is only Facebook's June announcement of Libra that has attracted increased scrutiny as of late.

Concerns regarding Libra-like stable coins range from money laundering risks, regulatory concerns as well as terrorism.

Rounds also said that he found the negative reaction to Libra to be "puzzling" due to the age of USA securities laws: "that law was written more than half a century before computers and the internet were created, more than two decades before Hawai'i was admitted to the Union, a decade before the jet engine was developed, and in a period of time in which 90 percent of rural America lacked electricity", he wrote. Stablecoins, on the other hand, are more readily usable as a means of payment and store of value and could potentially develop global payment systems that are faster, cheaper and more inclusive than present systems. Chinese progress could represent a real threat to USA influence, Marcus said on Thursday.

Nonetheless, as Brainard's comment came forth over Facebook's digital currency, Libra, controlled by a Basel-based Geneva Association, a Facebook Inc. spokeswoman had issued a public statement earlier on Wednesday (October 14th) saying that the Facebook Inc.

In a recent interview, the head of Facebook's Libra David Marcus warned that China's digital payment system could be a real threat to USA influence if regulators decide to stifle Libra, its stablecoin project.

Yet Libra drew immediate and sustained criticism. But there are already seven core dropouts, of the systemic kind, which provided Libra with the credibility of ties to the global financial system.

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Further noting the advancements made in countries such as Africa and China, Rounds said that the U.S.is falling behind in the cryptocurrencies and digital payments space.

The report targeting stablecoins said that remittances are slow and expensive.

"Policymakers have expressed concerns over various risks stablecoins pose".

Dimon has in the past been a vocal critic of cryptocurrencies and described bitcoin as a "fraud" in 2017.

That hinders, and in many cases prevents, people from making cross-border payments, especially in developing countries.

In it, the group tackles the G7's concerns point by point, vowing to work with regulators to address concerns.

It added that central banks, by themselves and in cooperation, should look at issuing their own digital currencies.

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