Saturday, January 16, 2021

Japan’s Central bank governor calls for international effort to regulate Libra

The Takeaway:

Bank of Japan's governor has urged international authorities to come together to regulate stablecoins like Libra. Addressing to business leaders in an event in Osaka, Haruhiko Kuroda said that if launched Libra will have a huge impact on the society.

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According to a Reuters report, Haruhiko Kuroda, governor of the Bank of Japan, has asked all the international regulators to come together to regulate stablecoins like Facebook’s Libra. Kuroda told business leader in Osaka that if Libra is introduced, it could have a massive impact on society. 

Kuroda further added that policymakers around the world should apply the highest level of regulations on stablecoins like Libra. Previously, the governor warned that the Bank would keep a careful watch on Facebook’s cryptocurrency. 

Earlier this month French finance minister said that they wouldn’t authorize the development of Libra on the European soil. Since Facebook announced to launch its cryptocurrency, it has been under constant scrutiny from the regulators all over the world. 

David Marcus, head of Facebook’s blockchain Calibra earlier promised to the US Senate that the company would meet the highest regulatory norms before going ahead with the project. He further said acknowledged that highest level regulations would prevent terror financing and money-laundering. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jesse Kirby
Jesse Kirby
Since his childhood days, Jesse was fond of writing and learning new things. He developed a special interest in bitcoin back in 2011 and started to get deep into the crypto space. After completing his masters degree from Bnos Menachem School, New York, Jesse became a full time writer and crypto analyst.

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