Japan introduces working group to examine impact of Facebook’s Libra
Category: #headlines  By Pankaj Singh  Date: 2019-07-15
  • share
  • Twitter
  • Facebook
  • LinkedIn

Japan introduces working group to examine impact of Facebook’s Libra

Japan is looking to garner greater support due to the wide range of policies which can be affected by digital currencies.

Japanese authorities have reportedly established a working group to discuss the impact Libra digital coin proposed by Facebook can have on financial regulation and monetary policy. The discussion will be arranged before a gathering of G7 finance leaders where the topic is expected to be high on the agenda.

Sources claimed that the working group consists of the Ministry of Finance, the Financial Services Agency and the Bank of Japan. The group has started meeting and will seek to synchronize policies for addressing the impact of Libra on monetary policy, payments settlement, tax and regulation.

Apparently, the Facebook’s intention to create a digital currency has raised concerns amongst global regulators. They have presumed that it can rapidly become systemic given huge cross-border reach of the company.

France has seemingly been employing its presidency of the Group of 7 economic giants to introduce a task force. The new task force will look into the working of central banks to ensure that digital currencies such as Libra are regulated under money-laundering to consumer-protection rules.

Reportedly, Benoit Coeure, the policymaker of European Central Bank, will provide an initial report on the concern at a conference of G7 finance ministers in Chantilly located in north of Paris.

Sources cited that Japan has been expecting to garner support from other nations to develop the task force into a bigger group of financial and tax regulators. The expansion is anticipated due to the broad range of policies which can be influenced by digital currencies.

Apparently, in Japan, the central bank does not supervise banking regulation, which is managed by the Financial Services Agency.

As 2019 chair of the bigger G20 group of key economies, Japan will also explore means to align endeavors made separately by the G20 and G7 to address the policy implications of Libra, sources cited.

Source credit: https://japantoday.com/category/politics/Japan-sets-up-working-group-on-impact-of-Facebook%27s-Libra

https://www.firstpost.com/tech/news-analysis/japan-sets-up-working-group-on-impact-of-facebooks-libra-ahead-of-g7-6985911.html

 

  • share
  • Twitter
  • Facebook
  • LinkedIn


About Author

Pankaj Singh    

Pankaj Singh

With an experience as an insurance underwriter and a freelance writer under his belt, Pankaj Singh boasts of quite some expertise in the field of content creation. A qualified Post Graduate in Management, Pankaj has also completed a detailed course in Digital Marketin...

Read More

More News By Pankaj Singh

Yumanity starts Phase 1 trial of YTX-7739 to treat Parkinson’s disease
Yumanity starts Phase 1 trial of YTX-7739 to treat Parkinson’s disease
By Pankaj Singh

Number of cases where people are affected with neurodegenerative diseases have been growing at a substantial pace. Alzheimer’s disease and Parkinson’s disease are the most common neurodegenerative diseases found across the world. Various ...

AngioDynamics buys Eximo Medical and its 355nm Laser Atherectomy tech
AngioDynamics buys Eximo Medical and its 355nm Laser Atherectomy tech
By Pankaj Singh

Owing to widescale tobacco use, the world is seeing an increased number of cancer and vascular diseases. India alone registers more than 10 million cases of peripheral artery disease on an annual basis. Technology and healthcare enterprises are incre...

Scholar Rock to showcase preclinical, phase 1 clinical data of SRK-015
Scholar Rock to showcase preclinical, phase 1 clinical data of SRK-015
By Pankaj Singh

SMA is a rare genetic disease that typically affects young children. Currently, there is no cure for spinal muscular atrophy (SMA), however, various pharmaceutical firms across the world are working to discover a novel, innovative treatment for the d...