France to Create G7 Task Force for Cryptocurrencies

 

 

 

 

 

Bank of France Governor Francois Villeroy de Galhau announced this week that France will create a G7 task force to examine regulatory and other issues related to cryptocurrencies, Reuters reports. The move comes as nations around the globe have expressed concerns about Facebook’s Libra cryptocurrency.

The new task force will be charged with monitoring cryptocurrency compliance with anti-money laundering regulations and rules designed to protect consumers. European Central Bank board member Benoit Coeure has been selected to lead the effort.

French officials have suggested that they are not in opposition to Facebook’s use of a digital token to handle financial transactions but insists on regulatory compliance. He reportedly told officials in the finance industry, “We want to combine being open to innovation with firmness on regulation. This is in everyone’s interest.”

Villeroy also wants to see more international cooperation by agencies charged with combating money laundering. As Reuters notes:

 Villeroy also called for a network of national anti-money-laundering authorities, coordinated by the European Banking Authority, to carry out emergency measures and even substitute for national authorities, rather than creating a specialized European agency.

 

Author: DCEBrief

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