The head of the Central Bank of Japan calls for international regulation of stablecoins like Libra

Haruhiko Kuroda, head of the Central Bank of Japan, has called for international cooperation to ensure proper regulation of stablecoins like Libra.

“If Libra is successfully launched, it can have a significant impact on society,” he said during a speech at an event in Osaka, adding that such stablecoins deserve the highest regulatory standards.

Earlier, similar points of view were voiced by a number of senior officials from different countries. So, U.S. Deputy Treasury Secretary Sigal Mandelker said:

“Whether it’s Bitcoin, Ethereum or Libra, all companies must establish the highest standards for combating money laundering and combating the financing of terrorism at the beginning of the development of the project.”

Similar statements were made by representatives of the G7. The countries even formed a special working group, fearing the risks that Libra carries, in particular, the risks of money laundering and terrorist financing.

French Finance Minister Bruno Le Mayr considers the Libra project a threat to sovereignty for European countries, therefore, calls for blocking the spread of this cryptocurrency in the EU. A similar statement was also made by the German authorities.

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Recall that in July in Japan a meeting was held between representatives of the country’s Central Bank, the Ministry of Finance and the Agency for the Regulation of Financial Services, which discussed the impact of Libra on the monetary policy and financial system of the state.