Governor Haruhiko Kuroda said there was no reason to issue a central bank digital currency in the current climate.
Known as the Managed Stablecoins are Securities Act of 2019, the bill would mean Libra was subject to the structures of U.S. securities law.
Speaking about Facebook Libra specifically, Bank of Japan Deputy Governor Masayoshi Amamiya said it was important to bear in mind “the potential global user-base could be enormous.”
Tether doesn’t believe there’s any merit to the accusation that it helped create the “largest bubble in history” and rejects claims that it has manipulated the cryptocurrency market in any way.
The Libra Association may have to submit further details about how the asset will operate before Australian regulators will permit a rollout in the country.
The Finnish government also emphasizes in its paper that an EU-wide framework for crypto should be adopted by financial regulators in order to ensure all countries are on the same page.
Facebook executives are more determined than ever to see the Libra stablecoin participate in a global economic system.
In the House Financial Services Committee hearing, the Facebook founder provided positive accolades for the Libra project in an attempt to win them over, but things ultimately didn’t go as well as he had planned.
Occupying the majority of regulators’ time in countries around the world, Facebook’s Libra stablecoin doesn’t appear to be getting any closer to finding a viable solution.
Facebook offering a stablecoin like Libra has really caused regulators to shudder and become fearful that stablecoins could lead to a rise in money-laundering activity.
This week saw Libra bounce back after having lost supporters like Visa, MasterCard, Stripe and more.