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BOJ insiders among those taking aim at Facebook's digital coin

Regulators fear Libra will harm financial systems while piggybacking on them

Facebook plans to launch its Libra digital currency next year, but central bankers have some concern.   © Reuters

TOKYO -- The Bank of Japan ranks among the central banks worldwide that are bracing for next year's launch of Facebook's cryptocurrency Libra, fearing the difficult-to-regulate coin will pose a risk to financial systems while exploiting their existing structure at no cost.

"It will move money into an absolutely virtual world, so it is completely different than other forms of digital payment," a BOJ official said recently.

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