Cryptographic asset “Libra” Aiming for next year's service Facebook Oct. 2 21:46
An executive in charge of the development of the crypto asset “Libra” planned by Facebook, which operates the exchange site, will give a lecture in Tokyo on the 2nd, and will start the service next year while cooperating with the regulatory authorities of each country. I expressed my desire to aim.
"Libra" is a unique crypto asset planned to be issued by Facebook in the United States that operates exchange sites used around the world. On the 2nd, Mr. Katherine Porter, executive of a subsidiary responsible for Libra service development Gave a lecture at an event held in Meguro-ku, Tokyo.
Mr. Porter said, “I want to be able to exchange money the fastest, cheapest and most easily in the world. Japanese companies that expand globally will also be able to exchange at low cost,” Libra's mechanism is both for individuals and companies. Explained the significance of the benefits.
On the other hand, with regard to Libra, there are concerns that regulators in each country may be abused for so-called money laundering by criminal organizations and the impact on the international monetary system, and it may take time to start the service. It is.
Mr. Porter expressed his intention to start next year, saying, “It is important to have the central bank and regulators understand the concept and cooperate. It will be a long way to go, but it will spread throughout the world. I said. In addition, he emphasized the idea that the data obtained from the Libra service will be separated from the data on the exchange site and that personal information will be thoroughly protected.
What is "Libra"
Libra is a unique crypto asset that Facebook, which operates the world's largest exchange site, plans to issue, and the company calls it “new digital currency”.
Unlike crypto assets such as Bitcoin, a mechanism to prevent price fluctuations is set up so that even users who do not have bank accounts in emerging countries can use their smartphone apps to easily transfer and settle overseas. The
While there are voices expecting the appearance of new services, the central bank and regulators in each country have pointed out issues such as whether personal information is thoroughly protected or it may be misused for criminal laundering money .
Also, it is pointed out that if it spreads to Facebook users around the world, it will replace the currency issued by each country, which may have a major impact on the current international currency system.
For this reason, the G7 = seven major countries agree on the need to meet the highest level of financial regulations at the July meeting, and discussions on specific regulatory frameworks are expected in the future.
In response to these harsh opinions, Facebook has revealed a policy of obtaining proper approval, excluding regulatory concerns.
Facebook is working with major credit card companies to establish the Libra Association in Geneva, Switzerland.
Swiss financial authorities last month pointed out that in order to proceed with Libra's plan, the payment system business was licensed under Swiss law and, depending on the circumstances, banking regulations could be applied.
The Libra Association will proceed with the process of obtaining a license accordingly.
Facebook has announced plans to launch the service early next year, but it could be delayed.
The response of Japanese financial authorities
Japan's financial authorities are also discussing regulations and other aspects of Libra.
Facebook has decided that “Libra” has a mechanism to accumulate major currencies such as dollars, euros, and yen, and link them with their values, unlike “crypto assets” such as Bitcoin. For this reason, we explain that price fluctuations are stable and stable. Libra is also called “stable coin” to distinguish it from crypto assets.
Japanese authorities also said, “It is difficult to judge whether it is a crypto asset as a legal definition, and if Libra is issued, there is a possibility that the regulation on crypto assets may not be applied.”
However, because there is a risk of misuse of money for criminal organizations, the Ministry of Finance, the Financial Services Agency, and the Bank of Japan have set up a liaison meeting in July to discuss regulations.
In line with the G20 = financial minister and central bank governor's meeting in Washington this month, an international organization created by financial authorities in each country is planning to report issues and problems of “Libra” in Japan. To deepen.