Japan has begun to investigate the impact of the cryptovalut that Facebook will create

Officials will consider what effect it can have on the country's monetary policy and financial regulation, pending the upcoming meeting of G7 finance ministers, to be held in France next week.

The working group currently consists of representatives from the Bank of Japan, the Ministry of Finance and the Financial Services Agency. The three subjects met for the first time this week, and at future sessions will work on the development of policies to address books about regulation, monetary policies, taxes and payment settlements.

The meeting of G7 finance ministers this year will focus particularly on digital currencies now that they are beginning to enter the market. France and Japan are especially inclined to find out how central banks from around the world can make sure that coins like books are properly regulated. Japan hopes to expand its current working group to include regulators from other countries to come up with consistent policies.

Facebook announced the release of its cryptovalut called “Books” last month. This service will be available on Facebook, Messenger as well as Whatsapp, making it immediately available to billions of users.

Because of the nature of technology, the Books will allow users to send money into contact worldwide for little or no cost and can really shake things like emigrant delivery services asking for payment to send money, notes Indexline.