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.