France reportedly creating G7 stablecoin taskforce

France, which holds the Group of Seven (G7) presidency, will create the group taskforce on “stablecoin” projects, according to a report from Reuters on Friday. The news was announced by France’s central bank governor Francois Villeroy de Galhau. The taskforce will reportedly be headed by European Central Bank board member Benoit Coeure, and will also include Facebook’s planned cryptocurrency project, Libra.

Facebook unveiled its Libra project earlier this week, intending to bank the unbanked and facilitate low-fee money transfers globally. France’s finance minister Bruno Le Maire said at the time that Libra “can’t and…must not happen” and that “it is out of question’’ for the cryptocurrency to “become a sovereign currency.”

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