Japan Investigating Libra’s Impact Ahead of G7
By Luke Flowers – Crypto Specialist
On July 12th, Cointelegraph Japan reported that Japanese authorities are looking into the impact of Facebook’s Libra stablecoin ahead of the G7 event.
According to the report, the authorities have put up a liaison conference that is meant to investigate the impact of the social media giant’s stablecoin on financial stability and monetary policy. This conference will likely comprise of the Financial Services Agency (FSA), the Ministry of Finance and the Bank of Japan and has reportedly started meeting this week. Many financial leaders wish to establish and understanding on Facebook’s Libra before uses start buying and selling crypto on this chain.
The report suggests that the recently formed group’s purpose is to coordinate policies that would address the effects of Libra’s implementation on tax, regulation, payments settlement, and monetary policy. Any user around the world, as with many cryptocurrencies, are entitled to buy crypto on this blockchain.
Officials that have not stated whether more financial or tax regulators would join the group based on the wide impact of Libra. Japan has already decided to act beforehand in their meeting with the G7 finance ministers in Chantilly, France, on 17-18 July.
At the end of June, France established a G7 task force to see how central banks can regulate cryptos like Libra ahead of the upcoming summit. Many in the industry believe major regulation needs to commence before a larger company such as Facebook can get involved. This is to ensure these companies are positioned correctly for the protection of the consumer when seeking to buy and sell cryptocurrency.
It’s not just the regulators that are concerned about Libra. Just the other day, it was reported that Mihai Alisie, Ethereum’s co-founder, was concerned that Facebook’s stablecoin was trying to deceive regulators into approving a centralised “cryptocurrency”.
Given that Japan is this year’s chair of the bigger G20 group of major economies, the nation will also consider ways to align efforts made individually by G7 and G20 to address Libra’s policy implications.
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