G7 will block Libra launch until regulations in place

In a draft of a statement expected to be released tomorrow, countries representing the world’s largest economies said that they would initially oppose the launch of Facebook’s Libra project.

According to an Oct. 12 report from Reuters, central bankers and finance ministers from the United States, Canada, Japan, Germany, France, Italy, and the U.K (also known as the Group of Seven, or G7), said it would halt global stablecoin projects pending appropriate regulatory oversight.

The draft stated:

“The G7 continues to maintain that no global stablecoin project should begin operation until it adequately addresses relevant legal, regulatory, and oversight requirements through appropriate design and by adhering to applicable standards.”

This story is developing and will be updated.