Australia’s Central Bank Warns of Regulatory Hurdles for Facebook’s Libra

Asia Blockchain Review
July 8, 2019

The Governor of the Reserve Bank of Australia (RBA), Philip Lowe, has stated that Facebook’s virtual currency, Libra, might encounter regulatory problems before it can be offered to users.

Uncertainty Ahead for Facebook’s Virtual Currency

According to Cointelegraph, Lowe told Bloomberg that Libra may not reach mainstream status due to uncertainties from regulatory bodies.

“There’s a lot of water under the bridge before Facebook’s proposal becomes something we’re using all the time. There are a lot of regulatory issues that need to be addressed and they’ve got to make sure there’s a solid business case, so we’ve got to be careful before we jump to conclusions,” Lowe said.

In 2017, the RBA Governor had made disparaging remarks about Bitcoin (BTC), saying the cryptocurrency dominated the market because of “speculative mania,” adding that “criminals were likely more drawn to it than customers.”

RBA Governor Confident in Country’s Electronic Payment System

Meanwhile, Lowe claimed that the cryptocurrency would not attract Australians, given that the nation already has a working electronic payment system.

“I have long thought that a kind of cryptocurrency would not take off in Australia because we already have a very, very efficient electronic payments system that allows anyone of us to make bank payments to another person in five seconds just knowing their mobile phone number,” Lowe stated.

On June 21st, 2019, the RBA issued a report called “Cryptocurrency: Ten Years On”’ that outlined the reasons why cryptocurrencies were unlikely to reach mainstream status in Australia.

Source: https://cointelegraph.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Blockchain: Fine-tuning the Music Industry
Music might be in need of another tech disruption in the form of blockchain.

July 17, 2019

Graph Blockchain Secures Contract with South Korean Transport Ministry
The pilot project is for storing traffic data on a blockchain network as part of the Smart City nati...

July 13, 2019

Hong Kong, a Great Place for Blockchain Startups
It is quite evident that Hong Kong is quite rapidly developing to be a blockchain hub in the region ...

July 12, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us