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Bank of Japan Doubts Libra

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The emergence of Libra, a cryptocurrency created by Facebook, raises many doubts, and the Bank of Japan became the next sceptic.

What does Libra mean?

Concerns about Libra appear from the very moment of its announcement through the white paper published by Facebook. There are arguments about the risks it incurs for the cryptocurrency market, but also the fact that it is supported by a number of global giants - it is difficult to talk about the decentralized nature of the coin, and Libra can be difficult to regulate. According to Nikkei, a Bank of Japan's employee stated that Libra will cause money to be transferred entirely into the virtual world, so the whole project will be something totally different than previous methods of digital payment. The report by the same website suggests that Facebook intends to link Libra to more than one fiat currency. Which is supposed to avoid excessive control by the state offices of a particular state.

Doubts from the beginning

In the United States doubts about Libra appeared immediately. Congressmen appealed to Facebook to suspend work on the project until its proper examination and settlement. Democrats from the House of Representatives wrote an open letter to Mark Zuckerberg, in which they expressed their concern that Libra could begin to constitute a new financial system in the state. The fragment of the congressmen's letter claims that it seems that the new product can lead to a new financial system that can compete with the US monetary system and the dollar itself. This can undermine privacy, trade, security and monetary policy, and it's is not only about 2 billion Facebook users but also about investors.
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