July 17, 2019 / 2:52 PM / a month ago

IMF says regulators must address possible risks from Facebook's Libra

WASHINGTON, July 17 (Reuters) - Facebook Inc’s planned cryptocurrency Libra could help boost financial inclusion, but also raises concerns about consumer protection, data privacy, and potential “backdoor dollarization,” the IMF’s chief economist said on Wednesday.

Gita Gopinath, chief economist for the International Monetary Fund, told reporters the Fund was flagging risk and concerns about the plans, and said it was important for regulators to play close attention to such developments.

“It is very important for regulatory agencies in the world to pay close attention to these developments and to make sure that they are not too late in undertaking the right steps,” Gopinath said.

Reporting by Andrea Shalal Editing by Chizu Nomiyama

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