• Wed, 21 Aug 2019, 01:02 AM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

Japan puts Libra under a microscope in preparation for G7


Sun, 14 Jul 2019, 12:59 pm UTC

At this point, it has been well-established that Japan and many other countries view Facebook Libra with extreme mistrust. This is why, ahead of the G7 summit, Japan will be placing the crypto offer under a microscope to determine just how big of a threat it poses. The country is taking this issue so seriously, in fact, that it is involving three government bodies in the matter of scrutinizing Facebook Libra.

The bodies that will compose the working group setup to investigate Libra include the Bank of Japan, the Ministry of Finance, and the Financial Services Agency, Reuters reports. The purpose is to gather as much information as possible and establish exactly what kind of threat Libra poses on the world economy. With G7 being composed of global financial leaders, the topic is expected to be covered extensively.

Looking into Libra could then lead to the development of regulations, legislations, and tax amendments that will address various aspects of Japan’s economy. From there, it could be used as a model for other countries to view the crypto offer with, which is already causing alarm bells to ring in many other nations.

By presenting its findings during the G7 summit, it is possible for Libra to be viewed in the light under which its true nature can be revealed. It is even possible to make its adoption less scandalous, thus leading to a more peaceful launch, much like many ICOs. Right now, the sheer size of the social network that is being tied to Libra and its history is what is causing the most amount of trouble, after all.

What’s more, Japan is not alone in creating a task force to place Libra under a microscope. France is doing a broader investigation into cryptocurrency, which simply includes Libra, Cointelegraph reports. While this can come off as a means of defaming the crypto industry, it could just as easily lead to regulations that would allow coins and exchanges to boom.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,715.10 (-1.65%)
  • Ethereum (ETH) $194.74 (-3.56%)
  • XRP (XRP) $0.273800 (-2.57%)
  • Bitcoin Cash (BCH) $314.19 (-2.86%)
  • Litecoin (LTC) $74.97 (-2.45%)
  • Bitcoin (BTC) $10,715.10 (-1.65%)
Aug 20, 2019 (Tuesday)
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
HSBC inks agreement to tap Identitii’s blockchain-based information exchange platform ‘Overlay+’
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: XRP/USD fails at 21-EMA, resumes weakness with 'Doji' formation
Israeli regulator seeks to expedite licensing procedures for fintech and blockchain firms
Crypto Technicals: Litecoin treads water below 200-DMA, bias bearish
bitFlyer teams up with Tpoint Japan to rollout bitcoin rewards program
Crypto exchange startup INX Limited eyes $129.5M IPO, marking the first SEC-registered security token sale
New York court denies Bitfinex, Tether's lack of jurisdiction claim
Crypto Technicals: BTG/USD recovery lacks traction, weakness likely to continue
Ethereum Foundation launches Korean version of its website, announces large-scale translation program
Crypto exchange BitMEX to block users in from Seychelles, Hong Kong, Bermuda
Cybersecurity veteran David Damato joins crypto exchange Gemini
Deloitte unveils demonstrational platform for blockchain solutions
Crypto Technicals: ETH/USD consolidates break above 200H SMA, potential 'Golden Cross' raises scope for upside
Crypto custodian BitGo poaches new Chief Revenue Officer from rival Xapo
97% of South Korean crypto exchanges on the verge of bankruptcy; blockchain startups now want to go overseas: Report
Philippines' central bank approves 2 new cryptocurrency exchanges
Association of Cryptocurrency Enterprises and Startups, Singapore rolls out new Code of Practice
Aug 19, 2019 (Monday)
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.