The head of Japan’s central bank has called for international cooperation in regulating stablecoins like the Facebook-led Libra.
According to a Reuters report, Haruhiko Kuroda, governor of the Bank of Japan, said:
“If Libra is introduced, it could have a huge impact on society.”
Talking at an event in Osaka, Japan, on Tuesday, Kuroda said the highest level of regulation must be applied to such stablecoins.
That phrase is one that’s been used a lot in relation to Libra.
Earlier in September, Sigal Mandelker, under secretary of the U.S. Treasury for terrorism and financial intelligence, echoed the phrase when saying Libra must achieve the highest standards of U.S. regulatory compliance prior to any launch on a trip to Switzerland – the home nation of the Libra Association.
And back in July, a task force set up by the G7 to examine the issues raised by Libra said that rules of the “highest” standards are needed to minimize the use of digital currencies in money laundering and funding terrorism.
Around the same time, Japan set up a working group, also to examine the issues raised by the launch of the cryptocurrency project.
Libra image via Shutterstock