A G7 task force is set up to investigate how central banks can regulate cryptographic curves, such as Facebook's libra, reported Reuters on June 21.
Francois Villeroy de Galhau, governor of the French central bank, said:
"We want to combine being open to innovation with firmness in regulation. It's in everyone's interest."
Although Paris has said that it is not is against Facebook, which creates a financial instrument, opposes it violently that libra becomes a sovereign currency.
Concerns have been raised about how to ensure that cryptographic curves meet anti-money laundering laws, consumer protection rules, and other regulatory issues.
The G7 Task Force will be headed by Benoit Coeure, who sits on the board of the European Central Bank.
The global response to libra has been mixed. Jerome Powell, head of the US Federal Reserve, has said he recognizes potential benefits and risks for the new project. Meanwhile, the president of the US Financial Services Committee has called on the social network to stop the development until an investigation can take place.
On June 1
Same day a senior Russian official said the country would not legalize libra because it could threaten the country's financial system.