July 17, 2019 / 1:15 PM / a month ago

German finmin: Libra cryptocurrency must wait for regulatory clarity

CHANTILLY, France, July 17 (Reuters) - Facebook cannot go ahead with its plans to launch its digital coin Libra until all regulatory issues are dealt with, German Finance Minister Olaf Scholz said on Wednesday as he met with counterparts from G7 countries.

“I am convinced that we must act quickly and that it cannot go ahead without all legal and regulatory questions being resolved,” Scholz told reporters in Chantilly.

Facebook is one of 28 founding members of the Libra Association which will be headquartered in Geneva and which is in talks with Swiss regulatory authorities about a framework. (Reporting by Reuters Television Writing by Madeline Chambers Editing by Michelle Martin)

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