With the Group of Seven (G7) reaching agreement to push for the highest standards of regulation on Facebook Inc.’s proposed Libra digital currency, Japan plans to step up discussions on how to regulate and oversee the project that could offer faster and cheaper remittances.

A new group launched by the Financial Services Agency, the Bank of Japan and the Finance Ministry is leading the talks, with senior Japanese officials suggesting it include other authorities given the significant challenges posed by the social media giant’s latest scheme.

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