TOKYO: Japanese authorities have set up a working group to discuss the impact Facebook's proposed Libra digital coin could have on monetary policy and financial regulation, government sources said, ahead of a G7 finance leaders' gathering where the topic will be high on the agenda.
France is using its presidency of the Group of 7 group of economic powers to launch a task force to look at how central banks can ensure digital currencies like Libra are regulated from money-laundering to consumer-protection rules. Japan hopes to rally support from other countries to expand the task force into a bigger group of tax and financial regulators, given the wide range of policies that could be affected by digital currencies, the officials said.In Japan, the central bank does not oversee banking regulation, which is handled by the Financial Services Agency.
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