Bank of Japan, the head of Japan’s central bank, has called for international cooperation to regulate Facebook Libra.
According to a Reuters report on Monday, Bank of Japan Gov. Haruhiko Kuroda said at an event in Osaka that the launch of Libra will have a tremendous ripple effect around the world. And that “strong regulations are needed for Libra.”
Haruhiko is not the only one calling for restrictions on Libra.
Earlier this month, Sigal Mandelker, undersecretary of state for terrorist financing and intelligence at the U.S. Treasury Department, told Libra that the U.S. must comply thoroughly with relevant U.S. regulations before proceeding with the launch process in Switzerland.
The Facebook group, which will run Libra, has registered a corporation in Geneva, Switzerland.
Earlier in July, the G7 set up a task force for Libra and pointed out that a strong level of sanctions is necessary. It is to minimize the abuse of digital currency for money laundering and terrorist funding.
Facebook itself has previously explain the details upon Libra. Also confirms that it is a payment tool, not investment tool.
At a similar time to the G7, Japan has set up a separate team to deal with Libra to review possible problems and come up with countermeasures.
IBM partnership with Facebook for blockchain, but not Libra?
Meanwhile, IBM said it intention to join hands with Facebook to develop blockchain technology. Jason Kelly, who oversees the blockchain business at IBM, told CNBC that blockchain development needs a team play.
“Our customers are all ready to cooperate with Facebook. Together we will work together to contribute to the development of blockchain ecosystem.” – Jason Kelly, IBM Blockchain General Manager.
Kelly said entering the blockchain sector by large companies like Facebook would ultimately help the liquor market embrace blockchain technology. However, he did not mention whether IBM would consider joining the Libra Coalition. Which organizes Facebook’s Stablecoin project.
