Japan's Central Bank Chief Calls for International Effort on Libra Regulation

The governor of the Bank of Japan has called for global cooperation in regulating stablecoins like the Facebook-led Libra.

AccessTimeIconSep 24, 2019 at 8:15 a.m. UTC
Updated Sep 13, 2021 at 11:29 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

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


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.