Under Japanese FSA Rules, Facebook’s Libra Not A Virtual Currency

According to the FSA, Facebook’s Libra might not be a virtual currency. As per Nikkei reports, the FSA has hinted that the stablecoin whose launch is in 2020, will not be classified as a cryptocurrency asset.

As explicitly elaborated by Fund Settlement Act (Law 2.5, 5), a virtual currency “is a property value that can be exchanged mutually with the persons listed in the preceding item with an unspecified person as the other party, and that can be transferred using an electronic information processing organization.”

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