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Japan Has Created A Working Group To Study The Effect Of Cryptocurrency On The Economy

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Japan has created a working group to study issues of the potential launch of Facebook's cryptocurrency project. This is reported by Reuters.

The group consists of Central Bank of Japan, the Ministry of Finance and the Financial Services Agency. The main goal of one is discussing the possible impact of the launch of Libra on the economy as a whole. This step is conducted before the upcoming meeting of the financial leaders of the G7 countries, which will be held July 17-18 in Chantilly, France.

Since France, which currently chairs the G7, has already begun setting up a task force for studying cryptocurrencies, including the Libra project, the upcoming meeting will put the issue on the agenda.

However, Facebook's cryptocurrency was criticized by  Minister of the Economy and Finance Bruno Le Maire last month because of fears that Libra might successfully replace traditional currencies. At the same time, he urged G7 central bank governors to compile a Facebook project report for the July meeting.

It is out of the question that Libra be allowed to become a sovereign currency, Le Maire said at the time. It can’t and it must not happen.

This week, Facebook’s Libra cryptocurrency project is also under scrutiny in the United States. A few committees in Congress are holding hearings to ask questions to Facebook representatives on the Libra project, amid calls from a number of senators in the country to freeze this project until more will be known about its potential benefits and risks.

President Donald Trump also spoke about this project in a distinctive style. He tweeted that Libra had “will have little standing or dependability,” and invited Facebook to apply for a banking license and follow the relevant rules if its goal is to become a bank.

More generally, the president also tweeted that he was "not a fan" of cryptocurrencies, adding that they were "not money."

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