Categories: Altcoin News

Australia’s Central Bank Exercising Caution with Regards to Facebook’s Libra

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…


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.


To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Dare Shonubi

Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development. You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]

Recent Posts

Yearnify Finance (YFY) Next Generation DeFi Project, Token Pre-sale is Now Live

Yearnify Finance is a community-centered DeFi-project, modeled to take the successful features of Yearn Finance…

2 hours ago

Andre Cronje’s New DeFi Token Keep3rV1 [KP3R] Surges By Nearly 500% In A Day

Yearn Finance creator Andre Cronje's new DeFi venture, dubbed Keep3r Network, is soaring high and…

8 hours ago

Level01 Launches AI-Guided DeFi App on Google Play

Level01, the first DeFi platform with AI-guided derivatives trading, launched its main app on the…

8 hours ago

Gold Investors to Flip to Bitcoin (BTC), Says Investor Raoul Pal

Bitcoin's inherent value-proposition remains so strong that even big players of the market are considering…

8 hours ago

CryptoLocally Forges Partnership With MakerDao to Make DeFi More Accessible

There is a need for bridging the gap between an ordinary person and the vast…

9 hours ago

Trouble Intensifies For OKEx; New Details Emerge

Troubles for the cryptocurrency exchange OKEx does not seem to die down anytime soon. According…

14 hours ago