The Japanese Financial Service Agency, Claims Facebook's Libra Is Highly Unlikely to Be Classified as Cryptographic Asset

Japan's financial service agency reportedly believes Facebook's cryptocurrency "Libra," which is scheduled to be released in 2020, is not likely to be a virtual currency.

Under the current law on payment of funds, virtual currency is considered as "not a legal currency or an asset on a legal basis." Libra, meanwhile, is aiming for a stable currency of the U.S. dollar, euro, British pound and Japanese yen. Thus, payments using Libra are considered legally likely to be a general money transaction or remittance. According to a report by Japan's economic newspaper, the entry requirements may require strict banking or registration of a "mobile remittance business" that allows remittances of up to 1 million yen at a time.

Meanwhile, Libra has become a subject of much attention. France, Germany and Britain are looking into the currency's impact on their economies, and Russia--which has strict legal costs and restrictions for cryptocurrency assets--is unlikely to allow Libra to circulate in the country according to many officials.

In contrast to these cautious moves by governments, Facebook is well on its way to Libra's development. Earlier this week, it announced the recruitment of the head of data science for the Wallet app, "Calibra." In an interview with foreign media, the cryptocurrency exchange, Binance is also taking an active step and is mindful of the Libra consortium's participation in the node.

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