New setback for libra: Australia’s central bank is considering a ban

Jan 10, 2020

Since June last year, when Facebook announced that it plans to release its own cryptocurrency, libra, they have been hit with a lot of criticism. In both the US and Europe, politicians and other authorities have expressed their dislike for the project.

Now comes another setback for the social media giant’s stablecoin project, this time from a completely different continent, the Financial Review reports.

Central Bank: Should not be allowed without strict regulations

Australia’s central bank has written a recommendation to the country’s parliament that states that libra should not be allowed in the country without strict regulations, and perhaps not even then.

In its recommendation, the central bank writes that libra risks creating volatility in the global financial markets and that it could undermine national financial measures.

Don’t think libra is required

In addition, the recommendation states that libra is not required in Australia as banks offer the fast digital payments that Facebook says libra enables, the Financial Review writes.

Curious about libra? Here’s everything you need to know about Facebook’s planned stablecoin.

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