G-7 countries take dim view of Facebook Libra

Business

G-7 countries take dim view of Facebook Libra

The Associated Press

July 18, 2019 02:10 AM

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French Finance Minister Bruno Le Maire, left, talks to US Treasury Secretary Steve Mnuchin during a meeting at the G-7 Finance in Chantilly, north of Paris, on Thursday, July 18, 2019.


Michel Euler

AP Photo


CHANTILLY, France

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.

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