Reserve Bank of Australia puts plans of Facebook cryptocurrency on a break – Dagoretti N…

After submission to the senate, the Reserve Bank of Australia conveyed its disquiets over social media giant, planned Facebook cryptocurrency, Libra. 

The Reserve Bank of Australia voiced their anxieties following the present menaces and principles of stablecoins such as Libra. In the proposal, they indicated that Libra incited supervisory bodies worldwide to regard carefully the stable risks and profits of cryptocurrencies, with precise emphasis on stablecoins having the stability to operate on a worldwide scale. 

In the report, the Reserve Bank of Australia stated that it supports the G7’s (Group of Seven) decision that worldwide coins could be ‘more effectual and comprehensive as compared to the current procedures on payments, especially for cross border transactions.’ However, they also agreed with the opinion of the G7’s, which stated that ‘such pitches raise very significant legit and governing risks such as customer or stockholder cover, data privacy, financial…