Stable-Coin Series: Facebook’s Libra Needs Co-operation From Global Regulators- BoJ’s Kuroda

BoJ’s chief, during the interviews with the business leaders in Osaka, seemed open for regulating Libra, he urged for a crypto-project of a global dimension that could be addressed only through the international coordination and consultation.

Of late, Facebook’s cryptocurrency project, ‘Libra’ has been audaciously confronting the regulatory hindrances. French and German regulators have very recently come up with a new attack on Libra which could be the major setback, European authorities in their statements: it is going to be a threat to the financial sovereignty of nations. But for now, the Bank of Japan is showing openness for the regulation of facebook’s crypto-plans.

Despite the regulatory obstacles, the Libra Association has doubled down, promising to work with regulators, but committing to a Q1’2020 launch.

Today, the Bank of Japan (BoJ) governor, Mr.Haruhiko Kuroda, has shared his stances on Facebook’s digital currency, insisting the mutual aid across the global regulators in designing the regulatory frameworks for the stable-coins like Libra, Reuters reports.

He has also emphasized that policymakers should apply the highest level of regulations to such stable-coins.

Kuroda stated that “if Libra is introduced, it could have a huge impact on society.”

The BoJ governor’s stance on Libra replicated the Swiss market regulator’s approach to regulate the digital currency.