The Reserve Bank of Australia discredits Facebook cryptocurrency

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The presentation of “Libra”, Facebook’s cryptocurrency planned for the year 2020, has triggered a wave of pessimistic reactions from governments and financial institutions around the world. After the United States,France , and Russia, Australia is currently conducting its smear campaign against this controversial cryptocurrency.

The regulatory question must be anticipated

While  the G7 has announced the creation of a working group to study the impacts and regulations inherent in cryptocurrency and specifically that of Facebook, Australia is following the lead by anticipating the prerequisites that this technology must fulfill to become viable.

In a recent statement by the Governor of the RBA, it seems that Australia does not particularly like the advent of the “Libra”, and this, for the sake of financial and economic security.

“A lot of water will have to flow under the bridges before Facebook’s proposal becomes something we will use every day,” he says before continuing:

“There are a lot of regulatory problems to be solved and they have to make sure their business is strong … so we have to be careful before jumping to conclusions.”

Australia does not need cryptocurrency

In addition to suspicions about Facebook’s Libra project, the governor also dismissed the real utility of cryptocurrency in Australia . According to him, local payment technology is efficient and fast enough to meet the needs of the consumer society.

“I’ve been thinking for a long time that a kind of cryptocurrency is not going to take off in Australia, because we already have a very, very efficient electronic payment system that allows all of us to make bank payments to another person in five seconds, just by knowing their mobile phone number. “

What do you think of this position of the RBA compared to the cryptocurrency of Facebook? Give us your opinion in the comments section.

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