Japan Calls for Concerted Effort to Regulate Libra

Asia Blockchain Review
October 2, 2019
Japan Calls for Concerted Effort to Regulate Libra

Japanese officials have signaled their desire to see the international community join together to regulate the Libra cryptocurrency currently being developed by Facebook.

According to NextWeb, the governor of the Bank of Japan (BOJ) said an international effort was needed to control the controversial digital currency.

BOJ Governor Wants Highest Level Crypto Regulations

During a gathering of business leaders in Japan’s Osaka prefecture, BOJ Governor Haruhiko Kuroda was quoted as saying, “If Libra is introduced, it could have a huge impact on society”. He therefore voiced support for the highest levels of crypto regulation.

His call is in line with one made several weeks before by French Finance Minister Bruno Le Maire, who urged the European Union to adopt a consistent set of rules based on the risks posed by Libra.

Crypto Under Close Watch in Japan Following Mt. Gox

Japan’s caution towards cryptocurrencies and crypto trading has been tied to the 2014 fall of Mt Gox, which was based in the country. The debacle ended with US$450 million worth of Bitcoin lost.

Nonetheless, the country’s lawmakers have acknowledged the potential of blockchain technology and digital money. Earlier this year, Japan rolled out tighter controls on cryptocurrency margin trading, looking to protect investors by next year.  In 2018, its government granted the blockchain industry self-regulatory status. Both moves have shown Japan is open to having crypto trading on its shores but wishes to maintain control. In November of that year, the Japanese Financial Services Agency (FSA) disclosed it was working on a regulatory framework for cryptocurrencies.

Source: thenextweb.com


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