The chief of Japan’s central bank Haruhiko Kuroda has encouraged for international cooperation for regulation stablecoins like the Facebook’s Libra.
“If Libra is introduced, it could have a huge impact on society. The highest level of regulation must be applied to such stablecoins,” he highlighted at an event in Osaka, Japan, on Tuesday.
Ar previously reported, this September, Sigal Mandelker, under secretary of the U.S. Treasury for terrorism and financial intelligence, also said that Libra must achieve the highest standards of U.S. regulatory compliance prior to any launch on a trip to Switzerland – the home nation of the Libra Association.
As a reminder, back in August, data protection chiefs published a joint statement in which raised the concerns over the privacy risks posed by Facebook’s Libra. The U.K. Information Commissioner’s Office (ICO), data privacy commissioners from Australia, Canada, Albania, Burkina Faso, the EU, the U.K., the U.S., shared concerns that “while Facebook and [its crypto wallet-focused entity] Calibra have made broad public statements about privacy, they have failed to specifically address the information handling practices that will be in place to secure and protect personal information.”