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IBM is ready to support Libra, while CB of Japan calls for regulation
September 24  |  2 min read

IBM Ready to Support Libra while Bank of Japan Calls for International Regulation of Facebook Coin

The COIN360 Editorial Team

IBM’s general manager of blockchain services has stated that collaboration with the blockchain industry is crucial, and opened the door to IBM working with Facebook on the Libra project. Meanwhile, Bank of Japan Governor Haruhiko Kuroda stressed the importance of international collaboration in the regulation of Libra.

On September 24, Jason Kelley, IBM’s general manager of blockchain services, told CNBC, that “blockchain is a team sport” and since the company is actively looking to foster “collaboration” across industries, it is open to collaborating with Facebook as well.

In his opinion, Facebook entering the cryptocurrency field helps the entire blockchain industry. In the interview the IBM executive draws attention to the difference between Bitcoin and Libra, which is backed by a basket of currencies:

“We talk about Libra and people say it’s just another crypto. Set crypto aside and talk about tokenization, because that’s what we’re talking about”

Also today, the Bank of Japan Governor Haruhiko Kuroda, while meeting with business leaders in Osaka, opined that the launch of the Facebook-led Libra “could have a huge impact on society,” and policymakers must ensure that they comprehensively regulate such stable coins and international cooperation among policymakers is required.

In the meantime, the French and German governments have already united their efforts and released a joint statement declaring that "no private entity can claim monetary power, which is inherent to the sovereignty of nations" and the US Congress is discussing Libra today.

Libra Association executive Bertrand Perez shared that a lot of “work” should be done to meet regulators’ requirements, but the team is committed to launch Libra on schedule, “between the end of the first half of the year and the end of 2020.”