Group of Seven finance chiefs cast a cloud over prospects for Facebook's Li...
CHANTILLY, France - Group of Seven finance chiefs cast a cloud over prospects for Facebook’s Libra digital coin on Wednesday, insisting tough regulatory problems would have to be worked out first.
But there are also deeper concerns that the powers of big tech companies increasingly encroach on areas belonging to governments, like issuing currency. “I am convinced that we must act quickly and that cannot go ahead without all legal and regulatory questions being resolved,” Scholz told journalists.
Central bankers say that if Facebook wants to take deposits, it needs a banking license, which would subject it to the strict regulation that goes with operating in that industry.See more stories G7 governments are concerned that decades-old international tax rules have been pushed to the limit by the emergence of companies like Facebook and Apple, which book profits in low-tax countries regardless of the source of the underlying income.
French Finance Minister Bruno Le Maire delivers a speech during a conference entitled"Bretton Woods: 75 years later" in Paris, France, July 16, 2019. REUTERS/Philippe Wojazer
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France defiant as digital tax showdown with US looms at G7French Finance Minister Bruno Le Maire was set to meet Treasury Secretary Steven Mnuchin on the sidelines of the meeting of finance ministers from the world's seven most developed economies in Chantilly outside Paris.
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France says G7 focused on containing risks of Facebook's LibraGroup of Seven finance ministers meeting in France this week will make it one of...
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France defiant as digital tax showdown with US looms at G7French Finance Minister Bruno Le Maire was set to meet Treasury Secretary Steven Mnuchin on the sidelines of the meeting of finance ministers from the world's seven most developed economies in Chantilly outside Paris.
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France says G7 focused on containing risks of Facebook's LibraGroup of Seven finance ministers meeting in France this week will make it one of...
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We cannot accept Facebook's Libra project without strict rules, France's finance minister saysFacebook's Libra project cannot be accepted without a strong set of rules, France's Finance Minister Bruno Le Maire told CNBC Wednesday.
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