Bank of Japan says Libra regulation needs global cooperation
September 24, 2019
Bank of Japan says Libra regulation needs global cooperation
September 24, 2019

Governor of Bank of Japan said that regulating Facebook’s digital currency Libra is of utmost importance.

On Sept 23rd, Haruhiko Kuroda, Governor of Bank of Japan requested policymakers for tighter regulations for Libra in a speech before business leaders in Osaka city of Japan.

“If Libra is introduced, it could have a huge impact on society”

Haruhiko Kuroda, Governor of Bank of Japan

A liason was set up involving the Bank of Japan, Financial Services Agency and the Ministry of Finance investigating the prospective impact of Facebook’s Libra on the global monetary policy and financial stability.

Global concern for regulators

On the other hand, European finance ministers had a hard attitude towards Libra along with German Vice-Chancellor and Finance Minister Olaf Scholz saying that it might “clearly have to reject any form of parallel currency.”

Bruno Le Maire, Minister of France stated previously that France cannot allow Facebook’s Libra to launch in its country because “monetary sovereignty of states is at stake.”

ALSO READ :  Fundstrat Researcher Rob Sluymer Says Bitcoin’s Road To Recovery Could Be A Long One

On the other hand, head of Facebook Calibra, David Marcus said that Libra is not expected to be a new currency but as a better alternative to the existing payment systems.

He added that creation of money will “strictly remain the province of sovereign Nations.”

Last week, Facebook’s CEO, Mark Zuckerberg had dinner with a group of US senators “to address concerns about the tech giant’s handling of privacy and other internet regulatory matters, including Libra.”


Crypto News Point a news platform of Digital Notice Media Labs is a regular publication of information, analysis, and commentary focused primarily on blockchain technology and business, cryptocurrency, blockchain-based tokens, market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any security.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

You May Also like

AR Crypto Game Promotes On Social Distancing

AR Crypto Game Promotes On Social Distancing

Triffic, a free augmented reality game which rewards players with cryptocurrency, is doing their part to promote social distancing among their user base. On March 26, the startup announced on twitter that beta users...

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain and decentralized apps.
Share This

Share This

Share this post with your friends!