The regulatory scrutiny for Facebook Libra seems to be never-ending. This time, the Payment System Board of the Reserve Bank of Australia reports that it will continue to work with regional regulators in order to ensure that adequate regulatory measures are put in place before the launch of any payment systems which include the recently announced Libra project from Facebook.
The Payment System Board is one of two mainboards of the Reserve Bank of Australia. The board is responsible for maintaining the bank’s payment policies, including those related to clearing and settlement (CS) facilities.
Libra Alongside Other Payment Systems Discussions
In a meeting held recently, the board discussed issues related to regulations for payment systems and crypto-assets. The board also discussed Facebook Libra and stated that it will coordinate with domestic and overseas regulators for ensuring that its implications are adequately addressed before its launch. According to RBI,
“Bank staff will continue to coordinate with relevant domestic and overseas regulators, to ensure that any payments system implications are appropriately addressed before any launch”.
Australia’s Bias Towards Cryptocurrencies
Libra, has faced many regulatory hurdles from jurisdictional financial regulators following the announcement of its launch in the second quarter of this year. It could not address all the questions of the U.S. Senate regarding regulatory compliance. Since then, there have been a lot of obstacles and opposition from governments and banks against the development of Libra. Recently, Australia joined global regulators in questioning Libra’s data privacy and protection policies.
Apart from Facebook’s “global cryptocurrency” which has attracted much regulatory scrutiny, Australia is also eyeing the rest of the crypto space skeptically. In January, the country’s Treasury released a statement revealing plans of looking into the potential risks and benefits of conducting ICOs in the country and the corresponding regulatory framework that needs to be put in place.
- Breaking: Twitter Integrates NFT Profile Pictures and Crypto Wallets On IOS
- El Salvador wants to give small businesses access to Bitcoin-backed loans
- Meta and Instagram To Allow Users To Create, Display And Sell NFTs
- Breaking: Bank of Russia Calls for Full Ban on Cryptocurrency
- Will Turkey Follow El Salvador to Legalize Bitcoin (BTC) Tender?
- Breaking: Andreessen Horowitz Seeks $4.5B For New Crypto Investments
- Meme Coin Update: BabyDoge Coin Crosses $1.6B Marketcap And 1.3M Holders
- Microsoft’s Activision Acquisition Bullish for SHIB Community- Shiba Inu Spokesperson
- GBTC Share Price Tanks As the Bitcoin Fund Trades At Record Discount
- Terra Ecosystem Announces the LUNA Foundation Guard (LFG) to Boost Growth, LUNA Up 4%
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?