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G7 financial leaders say they will oppose Libra until it is ‘adequately’ regulated

G7 financial leaders say they will oppose Libra until it is ‘adequately’ regulated

Financial leaders from the world’s seven largest economies (G7) will oppose the launch of Facebook’s Libra stablecoin until it is “adequately” regulated, according to a Reuters report published Monday. 

Reuters reviewed a draft statement that had been prepared for a meeting of finance ministers and central bankers from the U.S., Canada, Japan, Germany, France, Italy and Britain. According to the report, the statement said that although digital payments have several benefits, payment services must be supervised and regulated to protect consumer privacy and maintain cybersecurity. 

Without more oversight, stablecoins like Libra could be used for illegal financial activities, the statement warned, according to Reuters. 

“The G7 continues to maintain that no global stablecoin project should begin operation until it adequately addresses relevant legal, regulatory, and oversight requirements through appropriate design and by adhering to applicable standards,” the draft said.

The statement comes several months after the Financial Stability Board, which coordinates rules for the Group of 20 (G20) economies, published a list of high-level recommendations for how financial regulators around the world should approach stablecoins.

 

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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North of England leaders vow to oppose lockdown without financial support

North of England leaders vow to oppose lockdown without financial support

Ministers are facing open revolt from leaders in northern England over fresh coronavirus restrictions due to be announced within days, as mayors, MPs and council leaders vowed they would fiercely oppose any new measures without substantial financial support.

Pubs, bars and restaurants across Merseyside, Greater Manchester and parts of the north-east of England could be forced to close next week in an effort to slow the soaring infection rate.

MPs in the north of England and Midlands are receiving a briefing from the government’s Covid taskforce in which officials and ministers are expected to outline the alarming rise in cases and hospital admissions.

Andy Burnham, the Greater Manchester mayor, said he was “losing patience” with the government after the planned shutdown leaked on Thursday – days after Matt Hancock promised to improve its communication with local leaders in a call with regional mayors on Monday.

Alongside the leaders of Liverpool, Newcastle and Leeds, Burnham is demanding that local authorities be allowed to see details of the restrictions – and any proposed financial support – before they are announced. “There is no way at all I will sign off on the closure of any business without a local furlough scheme,” he said.

The Guardian understands that the majority of northern England, from Barrow in Cumbria, to Merseyside, Greater Manchester, Lancashire, parts of Yorkshire and most of the north-east, as well as Nottinghamshire in the Midlands will be under some form of coronavirus restrictions under a new three-tier traffic light system due to be outlined within days.

The sharp rise in hospital admissions in the worst-hit areas has alarmed decision-makers in the regions as well as Whitehall. More than a third of Covid patients in England’s hospitals are in the north-west of England, where hospital admissions have risen sevenfold since the start

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