Facebook VP meets Israel Regulators on Regulation of Libra

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Tom Barel, one of the founders of Facebook’s digital currency Libra and VP of Calibra, met the inter-ministerial team on decentralized virtual currencies in Israel. Representatives of the Bank of Israel, the Ministry of Finance, the Ministry of Justice, the Israel Securities Authority, the Israel Tax Authority, the Israel Money Laundering, and Terror Financing Prohibition Authority were part of the team. According to the statement of the bank of Israel, the inter-ministerial team holds meetings with fintech organizations for coordinating regulation of virtual assets as routine.

Is Libra trying to find a new friend in Israel?

Libra has been criticized by countries like France, Germany, and England

Since Facebook announced that it is going to launch the digital currency Libra next year, this decision has provoked mixed reactions and mostly negative from US regulators and politicians. So far Libra has attracted criticism from many countries including, Germany, France, and England. But Israel has not issued any official statement about the Libra. According Globe.Co, no other person from Blockchain was present at the meeting except Tom. The website also mentioned that Tom told the team members that 80% of issues related to the Libra had been resolved with US regulators. Tom purposed in the meeting that Israel could become the central player for Libra. He also assured that Facebook would have no access to users’ data. As of now, Facebook has not issued any statement about the meeting.

Earlier this month Bitcoin association of Israel wrote to the governor of Bank of Israel to regulate the use of digital currencies.

Facebook is currently facing a lot of heat from the regulators in the USA and around the world. Facebook has promised to follow all the regulations set by the government before launching Libra but all efforts to brand Libra as the global currency has been met with skepticism from industry and regulators.

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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