Before the G7 meeting, scheduled for the 17th of July in France, Japanese officials have gathered to discuss the issues introduced by Facebook’s Libra project.
The task force now is comprised of officials from the local financial regulator, the Financial Services Agency, the Ministry of Finance and of course the Central Bank.
The officials will discuss the issues that Libra will cause to the nation’s fiscal policies and how to maintain stability in the wake of a potentially the largest bank the world has ever seen.
Facebook’s Libra is guaranteed to be a serious topic for discussion during the G7 meetings as nearly every country attending has already made criticizing announcements against Facebook, including the hosting country, France.
In fact, France has already created a task force to study the potential ramifications and the details of what Libra could cause. Therefore, collaborating with Japan’s similar team could lead to faster answers and decisions.
As it stands right now, France could have great impact on how the negotiations will commence, as it’s sure to be a large topic. In fact, it was France’s minister of Foreign Affairs, who requested the G7 central bank governors to draw up conclusions on what Libra could cause, and how the committee would be able to tackle such financial adversities.
In the words of the minister, Facebook was planning to replace currencies as we know them.