Australia is the latest country to reject Libra — Facebook’s proposed digital currency payment project. The country’s central bank also says sovereign digital currencies are unnecessary given that commercial banks already have working electronic payment solutions.
Highly Regulated Libra Not Enough for RBA Approval
According to Financial Review, the Reserve Bank of Australia (RBA) has submitted a recommendation to Parliament calling for Libra to not be allowed in the country without robust regulatory guidelines.
Australia’s central bank doubled down on its anti-Libra stance declaring that the presence of strict regulations would not be enough to justify the reason for the project.
An excerpt from its submission to the country’s Senate reads:
The G7 has cautioned that private sector global stablecoin initiatives should not be…
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