Libra: Japan Creates Group Ahead of the G7 Summit with Nation's Central Bank, FSA and Ministry of Finance

Asian giant Japan has set up a committee to look into the potential of the new Facebook’ s cryptocurrency project, called Libra, especially in the area of banking, finances and its ability to cripple a struggling economy if not properly tackled.

High-Level Committee

Respected news outlet Reuters reported that the members of the committee comprise of high placed government functionaries including the country’s central bank representative, representative of the ministry of finance and the Financial Services Agency, which is the nation’s top financial regulator.

The meeting will give the top players in the country’s financial sector the opportunity to study the potential of the cryptocurrency, look at the ways to regulate it, if needed, examine its ramifications on fiscal policy, financial consequences, taxes and other possible levies, ahead of the July 17-18 G7 meeting in Chantilly, France.

The Libra project has raised eyebrows the world over, countries, associations, firms, agencies and even the stock exchange have raised a question or two about the potential of the new Libra project. Like France, which has also raised a committee to look into the new crypto project, Japan will have the opportunity to openly discuss the Libra project and examine the Pros and Cons

The French Committee

Just like Japan, France constituted its Libra project committee way back in June. At inception, the governor of the Central Bank, Villeroy de Galhau said that the committee will be chaired by the head of the European Central Bank Benoit Coeure and will be paid staunch attention to the way and manner in which the country can regulate cryptocurrencies, while also blocking all loopholes that may be used as an avenue to launder money by financial marauders in the country.

The French foreign minister at the time openly criticized Libra, stating that if care is not taken, it might topple the fiat money and urged the leaders of the G7 Summit to draw up a report on the project at the upcoming meeting.

He is of the opinion that the leaders of the world should not allow Libra to become a sovereign currency on its own, as it could create massive tension in the market and further polarize the world economy.

The Finance Minister, Coeure is also expected to present a preliminary report on the project at the upcoming G7 meeting later in the month.

Bitcoin Exchange Guide in July reported that the French government is fully in support of the statement credited to the United States President Donald Trump, where he maintained that banks and other entities should be separated.

Trump is of the opinion that if Facebook and others want to become a bank, they have to toll the normal line and submit themselves for regulation, just like other banks in the country.

The United States government has invited Facebook to Congress, to explain explicitly the motive behind the Libra project, and how it plans on moving on with the project without going against financial regulations in the country.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Ogwu Emma
Ogwu Emma
Ogwu Osaemezu Emmanuel is a blockchain analyst with several years of experience in the cryptospace. He writes regularly for several leading cryptocurrency platforms

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,489FansLike
2,795FollowersFollow
4,272FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

YFI Plunge Might be Over After Record Number of Addresses Unload All their Tokens

In the past three days, the DeFi darling YFI has lost more than 36% of its value, going from $34,400 to $21,950 today. At the...

Financial Firms & Law Enforcement Find Cryptocurrencies More Risky Than Opportunistic: RUSI Survey

Financial firms, government, and the private sector all see cryptocurrencies as risky, found a survey by the Royal United Services Institute think-tank and the...

Kadena to Launch DEX to Rival Uniswap; Touts Higher Speeds and Multiple Protocol Support

Kadena announced on Tuesday that it would roll out a Decentralized Exchange (DEX) dubbed ‘Kadenaswap’ towards the end of 2020 in a bid to...

Crypto Exchange Bitpanda Raises $52 Million in Series A Round to Offer Access to Stock Markets

Cryptocurrency exchange Bitpanda has raised $52 million in its first major funding round, Series A led by PayPal co-founder Peter Thiel’s Valar Ventures. Other...

Coinbase Launches Staking Program For Cosmos, ATOM Holders Can Earn 5%

In a blog post released on Wednesday, Coinbase introduced staking on ATOM, promising up to 5% return per annum on the value staked. The...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today