The coming of the Libra fromFacebook has triggered a necessity for a task force, and a Group of Seven (G7)nations were examining the issues.

Francois Villeroy de Galhau,Governor of French Central Bank, stated that a crypto task force created by theBenoit Coeure, European Central Bank Board member would be looking intoregulating cryptocurrency and other problems like money laundering.

Bruno Le Maire, France’s FinanceMinister, expressed concerns stating that Libra might replace traditionalcurrencies. The G7 Central Bankgovernors will be preparing a report about the Facebook project for thescheduled July meeting.

Le Maire stated, "It can't,and it must not happen." She further added that “It is out of question’’that Libra be allowed to “become a sovereign currency.”

While France is open toinnovation, it is firm on regulation. In it's Libra White Paper, Facebook hastalked about Calibra, the independent consortium which will govern thecryptocurrency.

Villeroy further opined that theconcept of the stable coin should be defined for regulators. Ever since thelaunch of the Libra has been revealed, regulators have been discussingregulatory concerns, which includes those in the US and the UK.

The G7 consists of the wealthiestand the advanced economies per the IMF. Currently, the IMF houses members from Canada, France, Germany, Italy,Japan, the UK, and the US. France nowholds the rolling presidency.

Philip Lowe, the Reserve Bank ofAustralia chief, stated, “There’s a lot of water under the bridge beforeFacebook’s proposal becomes something we’re using all the time.”

Lowe also commented that there isa lot of uncertainty behind Libra. Libraappears to be a coin with a lot of scope for mass adoption on the paper;however, in the short run, there is not much of possibility for it to happen.

Lowe further added, "Thereare a lot of regulatory issues that need to be addressed, and they've got tomake sure there's a solid business case.”

Distrust about the token iscommon among regulators and the developers. The social media platform has already triggered a lot of chain reactionsthis week.

Lowe further stated, “We alreadyhave a very, very efficient electronic payments system that allows anyone of usto make bank payments to another person in five seconds just knowing theirmobile phone number.”

While crypto-libertarians might not like acentralized feature, but decentralization the Australian chief opines comes withits price.