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Bank of Japan Governor Haruhiko Kuroda urges global efforts in regulating Facebook's Libra

Image Credit: www.atozmarkets.com

Wed, 25 Sep 2019, 04:55 am UTC

The governor of Bank of Japan Haruhiko Kuroda has called for international efforts to regulate digital cryptocurrencies such as Facebook’s forthcoming Libra token.

As per a Reuters report, Kuroda warned in a speech before business leaders in Osaka on Sept. 23 that “If Libra is introduced, it could have a huge impact on society.”

The head further stressed that regulators must impose the highest level of regulation for such stablecoins.

Kuroda’s comment follows after European finance ministers clarified their stance against Libra. French finance minister Bruno Le Maire recently warned that he will block the development of Libra as it poses a threat to “monetary sovereignty” of governments and stressed on issues such as money laundering, terrorism financing, and market dominance.

German finance minister Olaf Scholz also echoed the same sentiments, saying that although the government aims to fortify its position as a leading technology location and foster blockchain innovation, the state remains cautious of private firms issuing their own currencies.

But amid the threats of blocking, Christine Lagarde, a nominee to take over as the next president of the European Central Bank (ECB), urged central banks and financial firms to keep an open mind to innovations like cryptocurrencies while protecting consumers.

Mark Branson, the director of Financial Market Authority (FINMA), also acknowledged the perceived pressure of Libra being based in Geneva while underscoring the potential opportunities the cryptocurrency tech can bring.

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