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Japan Establishes Working Group Ahead of G7 Meeting to Examine Facebook’s Libra Project

Jul 17, 2019
byOmar Abbas

Japan has created a working group comprised of the country’s central bank, Ministry of Finance and the Financial Services Agency to study the upcoming launch of Facebook’s Libra crypto project. The government entities will take the opportunity to examine the consequences of the Libra token on fiscal policy and global payments ahead of the G7 meeting in France from July 17-18.

France has also set up its own task force to closely look at Libra and the overall cryptocurrency market, which will likely make this issue a high priority on the meeting’s agenda. Bruno Le Maire, France’s finance and economy minister, raised concerns that Libra may grow large enough to replace traditional fiat currencies. Le Maire said that Libra becoming a sovereign currency won’t be allowed. “It can’t and it must not happen,” said Le Maire at the time.

U.S. President Donald Trump also criticized the project on Twitter last week. Trump claims that Libra “will have little standing or dependability” and suggested it comply with banking regulations if it aims to operate like a bank. Moreover, the U.S. President he’s “not a fan” of cryptocurrencies, highlighting that they are “not money.”