• Mon, 15 Jul 2019, 06:15 PM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

Facebook Libra triggers alarm bells in Japan too, stokes major fears

Facebook Libra.geralt/Pixabay

Mon, 08 Jul 2019, 03:28 am UTC

Ever since it was revealed, Facebook Libra has been having a reverberating effect all over the world that saw regulators sweating at the very concept. It is basically seen as a gigantic threat to the sovereign currencies of every nation and their respective economies. Now, Japan can be counted as one of the countries to express their concern about it and to give out warnings with regards to following the rules.

In a recent report by the Nikkei Asian Review, it was revealed that the Bank of Japan, Japan’s central bank, already had worries with regards to Libra. An unnamed official was quoted in noting how its very nature is concerning to them since it would be quite difficult to regulate.

"It will move money into an absolutely virtual world, so it is completely different than other forms of digital payment," the official was quoted as saying.

Bank of Japan Deputy Governor Masayoshi Amamiya recently confirmed these fears to reporters on Friday, Reuters reports. He stressed that Facebook will need to comply with the laws governing matters of payments if it is to operate in Japan. The huge user base of the social media site is the biggest concern for the official, as is the case with many other regulators.

“As for Libra, we must bear in mind that the potential global user-base could be enormous,” he said.

On the subject of digital currencies, Amamiya was also quick to point out that such a move could have a negative impact on traditional banking. It could then lead to enormous repercussions for the economy.

“If central bank digital currencies replace private deposits, that could erode commercial banks’ credit channels and have a negative impact on the economy,” Amamiya explained.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,481.30 (-0.76%)
  • Ethereum (ETH) $227.74 (-4.19%)
  • XRP (XRP) $0.314300 (+0.06%)
  • Litecoin (LTC) $89.78 (-0.72%)
  • Bitcoin Cash (BCH) $309.19 (-0.27%)
  • Bitcoin (BTC) $10,481.30 (-0.76%)
Jul 15, 2019 (Monday)
Crypto Technicals: XRP/USD extends weakness below 200-DMA, on track to test trendline support at 0.28
Draft of India’s cryptocurrency ban bill surfaces online
Shinhan Card patents blockchain-based system with credit card functionality
IOTA, MOBI, SAP, Deutsche Telekom and others join Convergence Alliance focused blockchain, AI, IoT
Crypto Technicals: LTC/USD pauses downside at 84 handle, bias still bearish
Crypto Technicals: BTC/USD holds support at 55-EMA (9854), break below will see further weakness
Enterprise blockchain firm R3 eyes IPO: Report
Bank of Thailand reviews blockchain applications in multiple areas
PayFast to stop accepting Bitcoin as payment method due to high fees, slow process time
U.S. lawmakers seek to prevent big tech companies from offering cryptocurrencies
Georgia VAT-exempts cryptocurrencies
Bitpoint Japan finds part of stolen cryptocurrency
South Korean companies team up to build blockchain-based identification system
Jul 12, 2019 (Friday)
Litecoin becomes official cryptocurrency of American football team Miami Dolphins
Crypto Technicals: Ripple breaks below 200-DMA, opens up further downside
Japanese cryptocurrency exchange Bitpoint loses $32M to hackers
US Election Commission to approve Congressional candidate's Ethereum token giveaway plans
HSBC reduces transaction time by 12 Days using Voltron blockchain platform
Amazon, Deloitte, Fidelity support IDEO CoLab's free blockchain accelerator program
Turkey considers developing central bank digital currency
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.