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ChainDD Live Report | 2019 Japan Fintech Summit: Blockchain and Libra

Abstract : The global summit is organized by Japan’s Financial Services Agency (FSA) and the Nikkei with a focus on fintech application, blockchain technology development and regulation challenges posed by Libra.

ChainDD
ChainDD

Sep 04

The 2019 Fintech & Regtech summit is being held in Tokyo, Japan from September 3rd to 6th. The global summit is organized by Japan’s Financial Services Agency (FSA) and the Nikkei with a focus on fin-tech application, blockchain technology development and regulatory challenges posed by Libra. The summit participants include international trade organizations, FSA, Central Bank of Ireland and digital giants from different countries.

Facebook on June 18th released details about Libra, the social company’s virtual currency, which provoked heated discussions among countries. Facebook’s Libra cryptocurrency was also a hot topic in the 2019 G20 Osaka Summit on June 28th. On July 17th, delegates from different countries exchanged views about Libra on the G7 Summit in France.

The Nikkei reports that the G7 group shares the consensus that the virtual currency must not jeopardized the sovereignty of nations, and quick actions must be taken in place as soon as possible.

Kazuma Nakatani, a member of the Japanese Parliament, asked on August 1st about the government’s stance on Libra and received a reply from Prime Minister Shizo Abe on August 15th. The Japanese government mentioned that the future of Libra is not predictable, the international trend will be followed, and flexible measures will be adopted to address challenges brought by Facebook’s cryptocurrency.

Japan’s government is leading a push to set up SWIFT to address problems brought by Libra

Japan has achieved long-term development in the field of virtual currency before Facebook’s official announcement of Libra. The Japanese government has been a leader in developing a system that is akin to SWIFT to manage exchange of cryptocurrency after the G7 Summit. It indicates that Japanese government may not be sure about the future of cryptocurrency but it tires to lead an effort the in virtual currency arena.

Japan has been closely following the development of virtual currency. Major Japanese thinktanks, such as Nomura Research Institute and Daiwa Institute of Research, are dedicated to studying blockchain and virtual currency.

The first panel of this fin-tech summit represents an active response to Libra. ChainDD will have live report from Japan Time 9:15 to 10:00 to cover the panel. Panel discussion participants are as follows: Anthony Pompliano (co-founder at Morgan Creek Digital), Edith Yeung (partner at Proof of Capital), Alex Blum (founder at Atomic Capital) and Marvin Liao (partner at 500 Startups in Japan).

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