There has been much talk over the past few months about Libra, the cryptocurrency that should act as fuel for transactions Facebook. A discussion deriving above all from the open annoyance with which Western political and monetary institutions have looked at its possible advent from the first moment. An attitude that hasn't changed in the meantime.
If the western world got bogged down in a discussion due in particular to lack of clear rules on a sector now very important, such as that of digital assets, in Japan there was less talk, aiming hard. The result of this diversity materialized in theadvent of Link, the cryptocurrency intended to fuel the transactions that take place on Line, a giant of local messaging whose influence in the eastern country corresponds in practice to that exercised by Facebook in the western world.
What has happened
In practice, Link is traded on BITMAX, exchange owned by LVC Corporation (the company that controls Line) since October 2018. It has been able to do it abroad, as the Japanese regulations are extremely clear in this regard and required a series of steps to the cryptocurrency before being able to obtain the allowed to be negotiated on Line also in the country.
Everything will happen starting from next April, as recalled by a press release issued by LVC in the past few days. In this way, Line users will have the opportunity to access a wide range of decentralized services and applications. Practically the same thing Facebook wanted to do with Libra. Mark Zuckerberg's social media, however, is now practically mired in a series of controversies and oppositions that seem to keep the debut date from day to day, if ever it will take place.
A fate which, moreover, is paradoxically better than that touched on Gram, the digital uniform of Telegram, blocked just a few meters before the market launch by the Sec. All thanks to the practical absence of certain rules on cryptocurrency, so that anyone who decides to leave for companies of this kind has practically no legal certainty. A problem that could slow down the spread of digital assets throughout the western world.
Japan is ahead
The lesson that can be drawn from these events is fairly obvious: Japan is several strides in the digital economy. As well as the China, where experimentation for one has long since started CBDC (Central Bank Digital Currency), or a cryptocurrency under state control.
In practice, the East continues to make great strides towards technological innovation also in the monetary and financial field, while the West seems to be blocked by ideological discussions, characterized by fear. For example, that of the United States that the imperial power of the dollar is affected, or that of European countries that digital currencies can prevent the control of capital. In this way, the regulations that, in particular, Japan has already given for some time, are not brought into play, obviously trusting in the fact that it is precisely legislative clarity that is capable of eliminating gray areas and to help a sector that can help solve problems of no small importance, starting with those of the democratization of finance and financial inclusion.