The U.K. central bank has teamed up with five other central banks to research CBDC use cases.
Facebook’s troubled Libra stablecoin is no closer to launching, after running into fresh opposition from regulators worldwide.
Patrick Ellis of the Libra Association saying there was a lack of strategy around how and where the cryptocurrency will launch.
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.