THELOGICALINDIAN - Australia is the latest country to adios Libra Facebooks proposed agenda bill acquittal activity The countrys axial coffer additionally says absolute agenda currencies are accidental accustomed that bartering banks already accept alive cyberbanking acquittal solutions
Highly Regulated Libra Not Enough for RBA Approval
According to Financial Review, the Reserve Bank of Australia (RBA) has submitted a advocacy to Parliament calling for Libra to not be accustomed in the country after able-bodied authoritative guidelines.
Australia’s axial coffer angled bottomward on its anti-Libra attitude declaring that the attendance of austere regulations would not be abundant to absolve the acumen for the project.
An extract from its acquiescence to the country’s Senate reads:
Australia is now the latest in a growing account of nations against to Libra and added clandestine cryptocurrency projects. Since the absolution of the Libra white paper, nations like Germany, France, and China accept appear out to accompaniment that they will move to block Facebook’s proposed agenda bill solution.
Like added critics, the RBA says Libra poses austere risks to absolute budgetary behavior as able-bodied as creating animation in all-around barter rates. In acknowledgment to these perceived threats to the cachet quo by Libra, some countries are actively exploring their own state-issued agenda currencies.
CBDCs are Unnecessary
The RBA, however, argues that Australia does not charge a axial coffer agenda bill (CBDC). According to the RBA, Australians accept admission to “low-cost and able real-time acquittal methods.”
Australia’s axial coffer did accept that citizens accept not been able-bodied served in the cross-border payments arena, stating:
Back in 2019, the country’s Department of Treasury issued a draft proposal to absolute banknote payments to $10,000 but fabricated no acknowledgment of cryptos.
While the RBA ability be adjoin CBDCs, the chat about state-issued absolute agenda currencies continue. As ahead appear by Bitcoinist, the International Monetary Fund (IMF) is actively discussing its role in abeyant CBDC issuance.
Will Australia’s government abode a absolute ban on Libra? Let us apperceive in the comments below.
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