When it comes to Facebook’s Libra cryptocurrency project not even one so-called crypto-friendly countries in the world is turning a blind eye to social media giant’s cryptocurrency project and are expecting all will work out well magically.

Rather, Japan has decided to take proactive steps in order to understand Libra’s potential ramifications even before the cryptocurrency has gotten off the ground.

According to Reuters, Japan has now set up a working committee which has been charged with the responsibility of researching and figuring out the potential impact of Libra on financial regulation, tax payments, financial transactions and monetary policy.

Members of the working committee have been selected from Japan’s financial regulator, Financial Services Agency, the Ministry of Finance and the Bank of Japan.

According to some sources who spoke to Reuters, Japan is also shown a keen interest in cooperating with other bodies such as the G7 and G20. The G7 and G20 bodies have also been involved in similar kind efforts aimed at understanding Libra’s potential policy implications. Japan’s efforts to set up a committee on Libra comes ahead of a meeting of G7’s financial leaders where Libra will no doubt be a topic of discussion.