The industry lacked a good use case of blockchain technology. There have been no killer apps since bitcoin. the industry is now entering a new phase of commercial adoption.
While major countries in Europe, such as France and Germany, have been vocal in their criticisms of Facebook’s cryptocurrency, Japanese authorities have been more measured in their response.
Roughly a month after Libra was announced, Japanese regulators set up a working group tasked with studying Facebook’s crypto rather than lashing out at the project from the onset, as has been the case elsewhere.
Facebook’s plans to launch a cryptocurrency also seem to have inspired
Japan’s traditional financial sector to take advantage of the potential offered by blockchain technology. According to the Nikkei Asian Review.
Traditional financial services firms in the country have recently become involved in efforts to tokenize securities.
Japan’s two largest traditional brokerages, Nomura Securities and Daiwa Securities.
Have already teamed up to form a new association; That will be responsible for setting the rules that guide the issuance of security tokens.
Other members of this association include financial services firm Monex, online broker SBI Securities, and internet conglomerate Rakuten.
Concerning Facebook’s crypto efforts, Monex has already applied to join the Libra Association.
Currently, there are 27 members, and if Monex is accepted, it will become one of the few foreign-based organizations in the US-centric group, joining the likes of the United Kingdom-based Vodafone and Sweden-based Spotify.
As a result of the developments in Japan as well as Facebook’s Libra efforts, the chairperson of the Japan Blockchain.
Association and CEO of Bitcoin exchange bitFlyer, Yuzo Kano.
Expect Facebook to Ramp up Lobbying Efforts to Get Libra Cryptocurrency Off the Ground
Mark Zuckerberg prefers closed-door approach In a leaked audiotape of a Facebook town hall released by The Verge, the co-founder and CEO of the tech colossus Mark Zuckerberg took a swipe at public hearings on Libra and instead seemed to favor one-on-one engagements with decision-makers.
Zuckerberg also seemed to reason that such private engagements were less likely to generate negative headlines for Facebook.