G20 bankers have been warned of the risks posed by a global cryptocurrency such as Facebook’s Libra, ahead of a crucial meeting of the digital coin’s backers today.
The Financial Stability Board, an international monitor set up after the financial crisis, said “stablecoins” – digital money such as Libra tied to currencies including the dollar or sterling – could topple domestic currencies.
Randal Quarles, its chairman, wrote to G20 finance chiefs that stablecoins posed “challenges for financial stability” as well as risks over data privacy, global competition, money laundering, tax evasion and cyber security.
Libra is due to launch around the world next year. It will be backed by a reserve of…
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