Bank of Japan is worried about Facebook Libra project

According to CoinDesk, the Bank of Japan has joined the ranks of global regulators and expressed concern about the risks that Facebook's Libra cryptocurrency program may bring. A report by the Nikkei Asia Review on Wednesday showed that the Bank of Japan is concerned that Libra, a cryptocurrency supported by a basket of legal tenders and government securities, will be difficult to regulate and may pose risks to the financial system. An official from the Bank of Japan said: "It will transfer money to an absolutely virtual world, so it is completely different from other forms of digital payments." The report pointed out that by linking Libra to currencies in multiple countries, Facebook may try Avoid over-regulation by regulators in any country.