Australian regulators object the launch of Facebook currency Libra
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After US and Europe, the Australian regulators object the
launch of FB’s digital currency adoption in their country.

Eight regulators, including ASIC (Australian Securities & Investments Commission), teamed up to investigate Libra as it poses risks and threats to the financial system, including potential scams, fraud and privacy concerns.

Last month, ASIC, OAIC (Office of the Australian Information Commissioner), ASUTRAC and the Australian Competition & Consumer Commission met US executives of FB and concluded Libra can become an asset for cyber hacking and will raise issues related to privacy concerns.

In June, FB had announced its plan on launching the digital currency. However, shared details didn’t go well with the regulators around the globe and soon they flagged concerns, believing that FB’s Libra could violate the users’ privacy, and lead disruption of the financial system including money laundering, and terrorism financing.

Source - Forex News Now

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