The Japanese Financial officials are working on the impact of a new cryptocurrency launched by Facebook, called Libra, on the financial market related to the policies of money, financial regulation, and the banking system of the world.
It was said that the investigation was conducted as a result of the anticipation of the G7 Meeting with Finance Minister that is to take place in France next week. The Finance Delegation of Japan going into the G7 Meeting comprises of a working group that consists of different representatives from the Ministry of France, the Bank of Japan, and the inancial Services Agency.
This finance committee having multiple agencies is expected to concentrate on cryptocurrencies and the Libra related regulation, payment settlements, tax, and monetary policy. Their first meeting was held in the start of the week for discussing plans related to the increasing prominence of the blockchain technology along with crypt-based money.
A couple of weeks ago, Facebook announced the launch of its own digital money and made some ambitious promises. It said that Libra was a simple global currency and a financial infrastructure that will empower billions of people.
Libra is differentiated from other already existing cryptocurrencies such as bitcoin, on the basis of three things. Firstly, it is made on a safe, scalable, and dependable blockchain. Secondly, it has the back up of a reserve of assets that are designed in a way that gives it an intrinsic value. Lastly, it is governed by the independent Libra Association that aims to evolve the ecosystem.
The official announcement read that the Libra currency was made on the Libra Blockchain. As it aims to attend the audience worldwide, the software which implements the Libra Blockchain is basically an open source that is designed so that anyone who wishes to can built on it, and billions of people can rely on it for their financial needs.