A question that they asked themselves most representatives of the G7 is how long will paper banknotes last and how long will they be used for payments?
The spread of digital currencies and also the will to Facebook to create its own private stablecoin it has alerted practically all representatives of the largest and most influential nations in the world. This question was a real shadow also in the headquarters of the First Mint of Italy in Rome, where the ECB accreditations were obtained from ValoridiCarta for the production of banknote watermarks. But what happens during the G7 instead?
Facebook and its representatives will intervene today at the G7 where the ECB executive board member will also deliver a preliminary report on the new one to everyone present stablecoin. But what are the main risks to consider regarding the release of Libra? Here is Visco's answer.
The risks to be assessed for Libra according to Visco
The initiative to create a new one cryptocurrency by Facebook has already seen several people expressing themselves about it. Among these we find Visco who had already spoken last Friday at the Abi Assembly. According to Visco It is important that a dialogue is kept open with the various parties involved. Furthermore, it is also necessary to proceed with the collection of all the data and information necessary for an analysis of the new possible risks. Indeed, it is necessary to evaluate the monetary system stability and above all the safety of savers and their personal data.
Among the risks to consider then there are several thorny topics such as: tax evasion, terrorist financing and money laundering. The central banks added Visco, while they deepen these aspects, certainly they will not stand idly by but they will proceed to their evaluations on how to succeed in make the best use of these technologies digital also for the management of currencies that have legal tender.
As announced, the value of Libra should remain stable following a basket of FIAT worldwide, the fact that however a private currency is born in a digital context that consequently changes the ways in which they manifest themselves liquidity, insolvency and market risks, but cannot then delete them.
