Japan Creates Working Group to Discuss Facebook Libra Ahead of G7 Meeting
Japan has set up a working group to examine the issues raised by Facebook's Libra cryptocurrency project ahead of a G7 meeting this week.
The working group will pool research into CBDCs.
Stablecoins pose a money laundering and terrorist financing risk to the world, the FATF said Friday.
Some of Japan's lawmakers fears a digital yuan could create economic disruption if it replaces the U.S. dollar in international markets.
A new report says bitcoin has failed as a means of payment or store of value, but stablecoins like Libra are a risk to financial stability.
The G7 group of nations has warned of the threat posed by stablecoins such as Facebook's Libra and set out draft recommendations for regulation.