European Union finance ministers will tell their counterparts at a G20 meeting i...
BRUSSELS - European Union finance ministers will tell their counterparts at a G20 meeting in mid-October that a global regulatory response is needed to “stablecoins” such as Facebook’s Libra, an EU document said.
“Latest developments with regard to stablecoins and the multi-faceted regulatory, oversight and supervisory challenges these represent, call for seamless cooperation and concerted response at global level,” the EU will tell G20 partners at a meeting of finance ministers and central bankers in Washington on Oct. 17-18.
The European Central Bank has also called for strict oversight of Libra and will present a report on it at the G20 meeting, EU officials said. Officials said the text would not be changed, as it already called for urgent action to resolve trade disputes.
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