Japan to Look Into the Impact of Facebook’s Libra Ahead of G7
Altcoin Facebook Japan Libra Social Media Stablecoin

Japan to Look Into the Impact of Facebook’s Libra Ahead of G7



Japanese authorities are investigating the impact of Facebook’s Libra stablecoin, The New York Times reported on July 12.

Per the report, Japanese authorities have set up a working group tasked with investigating the impact of Facebook’s stablecoin on monetary policy and financial stability. The working group will reportedly consist of the Bank of Japan, the Ministry of Finance and the Financial Services Agency and already started meeting this week.

The outlet claims that the objective of the newly formed group is to coordinate policies that would address the consequences of Libra’s implementation on regulation, tax, monetary policy, and payments settlement.

Unspecified officials reportedly noted that they hope that more tax and financial regulators will join the group, given the broad impact of Facebook’s project. Japan has taken the initiative on ahead of the upcoming meeting of the G7 finance ministers in Chantilly, France, on 17-18 July.

As Cointelegraph reported at the end of June, also France created a G7 taskforce to examine how central banks can regulate cryptocurrencies such as Libra in anticipation of the same summit.

It is not only regulators who are worrying about Libra. Yesterday, news broke that Ethereum’s co-founder Mihai Alisie is concerned that Facebook is attempting to hoodwink regulators into approving a centralized “cryptocurrency.”





Source link

Related posts

Coinbase Users Can Now Withdraw BSV to External Wallets

reachcrypto

Crypto Is Important for Global Economy, Needs to Be Regulated and Taxed

reachcrypto

Crypto Markets Recovering After Yesterday’s Dive, Palladium Hits New Record High

reachcrypto

At Least 12 $50 Million+ ICOs Still Haven’t Launched Tokens, Says BitMEX Research

reachcrypto

Crypto Mining Firm Argo Blockchain Expects Cash Breakeven in May With New Miners

reachcrypto

Coinbase Custody Begins Staking Services With Tezos, Maker to Follow

reachcrypto