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G-7 countries take dim view of Facebook Libra

G-7 countries take dim view of Facebook Libra | iNFOnews.ca
US Treasury Secretary Steve Mnuchin, second left, talks to Chief Executive of the World Bank Kristalina Georgieva, left, next to Japan's Finance Minister Taro Aso, second right, and Bank of France Governor Francois Villeroy de Galhau, right, prior a group photo at the G-7 Finance in Chantilly, north of Paris, on Wednesday, July 17, 2019. The Group of Seven rich democracies' top finance officials gathered Wednesday at a chateau near Paris in search of common ground on the threats posed by digital currencies. (AP Photo/Michel Euler)

CHANTILLY, France – Finance ministers from the Group of Seven rich democracies are sounding the alarm on the dangers of cryptocurrencies and pouring cold water on Facebook’s Libra as they wrap up a meeting in Chantilly, France.

Officials from the U.S., France and others have sounded skeptical so far about Libra and cryptocurrencies, which are high on the two-day gathering’s agenda.

Yet the meeting, which will set the stage for a summit of the G-7 heads of state and government in August, is also exposing differences on views on how to tax digital businesses. The U.S. and France in particular are at odds.

U.S. Treasury Secretary Steven Mnuchin has told his French counterpart, Bruno Le Maire, that the U.S. government objects to Paris’ plans to tax tech giants like Facebook and Google.

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