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While Libra is Criticized in the USA Japan Give it Thumbs Up

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July 25, 2019 | 

Darryn Pollock |  0 Comments| 

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Facebook's Libra coin has gone through the wringer in several respects, especially in the USA. Everyone from the US Senate to the president of the country has had their say on Libra, and it has mostly been negative.

However, there has been some praise along the way for Libra. Many in the cryptocurrency community are excited about its potential to bring crypto to the masses, even though the trust in Facebook to do so is low. 

In terms of global approval, there have also been mixed messages, but recently, Japan and its finance minister, have thrown some positive comments behind the stable cryptocurrency. 

Mixed messages from financiers

In the world of finance and global regulation, Libra has been viewed under different lenses with several different opinions forming. On the plus side, Japan's Taro Aso, the finance minister, has said Libra could be useful.

Aso was looking at the potential for Libra to be used in cross-border payments, something that has long been an accepted use for other cryptocurrencies. 

"Users would find Libra useful in making international money transfers because it would be cheaper than the current system. But whether it will be reliable is another issue," Aso said.

These comments were made in Chantilly, France, at the G7 conference where the topic inevitably turned to this corporate-run form of new finance. David Lipton, acting chief of the International Monetary Fund, also backed Libra saying that financial innovation is at stake if Libra is regulated out of existence.

But, more from the US saw Steven Mnuchin, Trump's Treasury secretary voicing "grave concerns" about Libra. 

He said: "Money launderers and terrorist financiers could misuse it." 

Wait and see

Most of the excitement and furor over Libra has started dying down as now, both the company and the regulators, know what is needed for this potential financial entity to come to life. It is not going to be easy, but it is still entirely possible, for Libra to meet expectations. 

The face that regulators, and even Donald Trump himself, view this cryptocurrency as a bad thing will matter little should Facebook meet all the required expectations of global regulators. It has become clear that the issue is more to do with Facebook being in control than the real nature of cryptocurrencies. 

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