G-7 countries take dim view of Facebook Libra
Posted July 18, 2019 7:00 am
CHANTILLY, France (AP) - 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.
US Treasury Secretary Steve Mnuchin, German Finance Minister Olaf Scholz and Canada's Finance Minister Bill Morneau, from left, walk 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)
The Associated Press
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)
The Associated Press
US Treasury Secretary Steve Mnuchin, front center, stands next to Chief Executive of the World Bank Kristalina Georgieva, front left, and Bank of France Deputy Governor Sylvie Goulard, front 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)
The Associated Press
From left, Bank of Japan governor Haruhiko Kuroda, World Bank President David Malpass, Eurogroup President Mario Centeno, British Chancellor of the Exchequer Philip Hammond, Bank of Canada Governor Stephen Poloz, German Finance Minister Olaf Scholz, Federal Reserve Chair Jerome Powell, US Treasury Secretary Steve Mnuchin, Bank of England Governor Mark Carney, Bank of France Governor Francois Villeroy de Galhau, European Commissioner for Economic and Financial Affairs Pierre Moscovici, French Finance Minister Bruno Le Maire, Italian Economy and Finance Minister Giovanni Tria, Japan's Finance Minister Taro Aso, Organization for Economic Cooperation and Development (OECD) Secretary-General Angel Gurria, Canada's Finance Minister Bill Morneau, European Central Bank President Mario Draghi, German Bundesbank President Jens Weidmann, Bank of Italy Governor Ignazio Visco and International Monetary Fund (IMF) Deputy Managing Director David Lipton pose for a group photo at the G-7 Finance in Chantilly, north of Paris, on Wednesday, July 17, 2019. (AP Photo/Michel Euler)
The Associated Press
Melinda Gates, right, and US Treasury Secretary Steve Mnuchin attend a meeting at the G-7 Finance in Chantilly, north of Paris, on Thursday, July 18, 2019. (AP Photo/Michel Euler)
The Associated Press
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