FinTech

Japan to Set Up Swift-Like Digital Money Network

Libra

Japan’s government is leading a global push to set up an international network for cryptocurrency payments that is similar to the SWIFT network used by the banks, in an effort to fight money laundering, a person familiar with the plan said on Thursday.

Meanwhile, that G7 urges tough Libra regulation and agrees to tax digital giants. Digital currencies such as Facebook’s planned Libra raise serious concerns and must be regulated as tightly as possible to ensure they do not upset the world’s financial system, Group of Seven finance ministers and central bankers said on Thursday.

Finance Minister Bruno Le Maire of France, which holds the rotating presidency of the G7 top world economies, told a news conference the group opposed the idea that companies could have the same privilege as nations in creating means of payment – but without the control and obligations that go with it.

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“We cannot accept private companies issuing their own currencies without democratic control,” Le Maire said.

In a summary of the informal G7 talks in Chantilly, north of Paris, the French presidency said the ministers and governors had agreed that “stable coins and other various new products currently being developed, including projects with global and potentially systemic footprint such as Libra, raise serious regulatory and systemic concerns”.

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