Japan will look at the impact of the Facebook balance before the G7



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Japanese authorities are investigating the impact of Facebook's Balance Stablecoin, Cointelegraph Japan reported on July 12.

According to the report, the Japanese authorities have set up a liaison conference to investigate the impact of Facebook's stable budget on monetary policy and financial stability. The conference would include the Bank of Japan, the Ministry of Finance and the Financial Services Agency and has already started meeting this week.

The report states that the goal of the newly formed group is to coordinate policies that take into account the implications of the implementation of the Balance on regulation, taxation, monetary policy and payment settlement.

Unspecified officials reportedly hoped that more tax and financial regulators would join the group, given the significant impact of the Facebook project. Japan has taken the initiative of the next meeting of G7 finance ministers in Chantilly, France, on 17 and 18 July.

As reported Cointelegraph at the end of June, France created a G7 working group to examine how central banks could regulate crypto-currencies such as Libra in anticipation of the same Mountain peak.

It's not just the regulators who are worried about Libra. Yesterday, news was announced that Ethereum co-founder Mihai Alisie was worried that Facebook was trying to trick regulators into approving a centralized "cryptocurrency".

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