Haruhiko Kuroda, head of the Japan’s Central Bank, believes that introducing a virtual currency like Libra, which Facebook creates, will have a “huge impact on society, and therefore requires the highest level of regulation.”
According to Reuters, Kuroda made a corresponding statement during a meeting with representatives of business circles in Japanese Osaka.
“In the event that stablecoin, such as Libra, is introduced, this will have a huge impact on society, so the highest level of regulation is necessary” – the agency quoted the words of the Haruhiko Kuroda.
In addition, Kuroda emphasized the critical importance of international cooperation for such regulation.
Libra is a cryptocurrency that is developed and managed by the Swiss fund and a consortium of companies led by Facebook. According to media reports, the product has already received support from Visa, PayPal, Mastercard, eBay, Uber, Farfetch and some other companies. It is expected that the launch of Libra at the global level will take place in the first quarter of 2020, and testing will begin at the end of 2019.