Reserve Bank Of Australia Said Facebook’s Stablecoin “Libra” Cannot Be Launched In Australia

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

Reserve Bank Of Australia Said Facebook’s Stablecoin “Libra” Cannot Be Launched In Australia

  • The reserve bank of Australia announced that the social media platform facebook’s stablecoin Libra could not gain access to launched In Australia.
  • The reserve bank of Australia has broken all the hope of facebook launching its digital currency libra in Australia.
  • We can see Libra in Australia, but for now, it seems to be impossible as they do not agree to accept Libra as part of Australia digital currency.

The reserve bank of Australia recently announced that the social media platform facebook’s stablecoin Libra could not gain access to launched In Australia in any of the condition even if it succeeds in meeting the strict regulatory requirements.

As per the report, the reserve bank also mentions that they are currently considering the digital currency of the country as the Australian dollar, to speed up transactions across Australia.

According to the formal report, the bank’s innovation laboratory is going to study the Australian central bank’s digital currency in the context of banks responsible for issuing the currency and overseeing payment system’s whether the Australian digital dollar will work or not.

RBA also said that these innovations in the payment method and system could increase the productivity of the economy and also drive Australian’s transition towards the digital economy.

Reserve bank also mentioned that due to extreme fluctuations in the price of cryptocurrency such as bitcoin cannot be taken as the payment method in Australia. As per some reports, it also revealed that they are working with the regulators to monitor Facebook’s stablecoin, Libra.

The reserve bank of Australia has broken all the hope of facebook launching its digital currency libra in Australia. The reserve bank of Australia also said even if Libra satisfied all the requirement. Then also Libra would not be allowed to launch in Australia.

With monitoring report as context reserve bank of Australia also given a hint by saying Libra is likely to be widely used and that’s why these company can take advantage of their existing user base and technical capabilities, and by giving participation of many companies like Libra can result as a threat.

Maybe in future, we can see Libra in Australia, but for now, it seems to be impossible as they do not agree to accept Libra as part of Australia digital currency.

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