RBA says no to Facebook’s new currency

Original article by Matthew Cranston
The Australian Financial Review – Page: 3 : 10-Jan-20

Facebook’s proposed Libra cryptocurrency should not be allowed to proceed in Australia without major regulation, according to the Reserve Bank of Australia. The RBA expressed this view in a submission to the Senate Select Committee on Financial Technology and Regulatory Technology, with the RBA querying whether there would be much demand for Libra from consumers. The RBA stated Australians were already well served by a range of inexpensive and efficient real-time payment methods.

CORPORATES
FACEBOOK INCORPORATED, RESERVE BANK OF AUSTRALIA

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