Japanese Financial Service Provider Monex Intends to Participate In Facebook’s Libra Project

Monex Group Inc, which owns the Japanese cryptocurrency exchange CoinCheck and primarily serves online clients, is planning to enter the Facebook Libra cryptocurrency venture. While conducting a press conference on the second-quarter results of Monex, the Group CEO Oki Matsumoto revealed that the firm had applied to become a member of the Libra Association.

The Libra Association is the newly formed, autonomous board of management for Facebook’s intended stablecoin, named Libra, and is presently discussing with a number of other prospective participants such as Visa, Uber, Mastercard and eBay, among others. Importantly, for the opportunity, interested applicants of the Libra Association must shell out $10 million.

Matsumoto expressed his views about the prospects of Libra as follows:

“I think Libra has great potential, so I want to think positively.”

Monex Group’s President stated that the paperwork would originally be processed by August end, and the firm would lastly establish whether to become the member of the Association by September end. Nevertheless, he admitted that this timetable could alter in view of the intense legislative review of the endeavor, especially by the govt of the United States.

Monex Group’s presence in the Association will mark the entry of first Japanese corporation. In domains such as cross-border payments and contributions to developing economies, Matsumoto allegedly discussed Libra’s positive potential for expanding financial inclusion.

Mentioning that “points and pseudo-currencies are rising” in Japan, he proposed that to promote the legitimacy and acceptance of cryptocurrencies, it is best to collaborate with significant reputable competitors:

“The more you try to stop the virtual currency, the more you go underground. I think that this tendency will cede to the idea that reliable operators are better.”

He supposedly stated — in relation to VISA and MasterCard — “Are there any more credible operators” to choose from?

As stated, a new CivicScience study disclosed that only 2% of Americans trusted Facebook’s Libra more than Bitcoin. Earlier this month, the US Senate’s Banking Committee grilled Facebook on Libra, discussing issues such as security, confidence and legislative enforcement.

At a distinct House session this month, US lawmakers questioned Facebook as to how they could be anticipated to support a company whose compilation, retention and mishandling of client information resulted in a $5 billion punishment. Citizens, crypto-industry, think tanks, governments, regulators, and central bankers around the world have expressed doubts regarding Libra.