Altcoin News: Central Bank of Japan Called for International Regulation of Libra

September 24, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The head of the Japanese Central Bank called for international cooperation in the regulation of stablecoins, such as the Facebook developed token Libra.

According to Reuters, Bank of Japan Governor Haruhiko Kuroda said:

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

Speaking at an event in Osaka on Tuesday, Kuroda also noted that the highest regulatory standards must be applied to such stablecoins.

Earlier, similar points of view were voiced by a number of senior officials from various countries of the world. So, U.S. Deputy Treasury Secretary Sigal Mandelker said:

“Whether it’s Bitcoin, Ethereum or Libra, we have one message for all companies: combating money laundering and combating the financing of terrorism should be in your projects from the very beginning.”

Similar calls were made in the G-7, where a special working group was formed that decided that Libra carries the risks of money laundering and terrorist financing.

In July, a joint conference was organized in Japan by the Bank of Japan, the Ministry of Finance, and the Financial Services Regulatory Agency on the possible impact of Libra on the country’s monetary policy and financial system.

Author: Marko Vidrih