Japan’s Central Bank Calls for International Cooperation on Regulating Libra

Japan’s Central Bank Calls for International Cooperation on Regulating Libra

Bank of Japan Governor Haruhiko Kuroda announced today that a collective international effort is crucial to creating and enforcing a regulatory framework for stablecoins like Facebook’s cryptocurrency, Libra.

In a statement to business leaders in Osaka, Kuroda believes that policymakers need to ensure the implement a rigorous compliance regime and apply the highest level of regulation on such stablecoins. “If Libra is introduced, it could have a huge impact on society,” added Kuroda.

Earlier this year, the G7 set up a task force to carefully examine the issues around Libra and said that the “highest” standards of rules are needed to deter the illicit use of digital currencies including terrorist financing and money laundering.

Head of G7 task force and European Central Bank (ECB) board member, Benoit Coeure, said in a statement in July: “A global stabelcoin for retail purposes could provide for faster and cheaper remittances, spur competition for payments and thus lower costs, and support greater financial inclusion.”

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