- Australian regulators consider using formal powers to force Facebook to disclose plans for Libra.
- The regulators believe that Libra has the potential to disrupt financial systems.
The concerns of Australian regulators regarding Libra have been hitting on dead years. For this reason, eight regulators have resulted in employing the power they have to make Facebook reveal details and global plans for Libra.
The regulators held a meeting with Facebook’s Libra representatives in October but nothing significant came out of it. The international regulators in the country say that Libra has the potential to disrupt the financial system, increase money laundering and affect Facebook users.
According to a report by Reuters, the Office of the Australian Information Commissioner (OAIC) deputy commissioner Elizabeth Hampton in an official email to the other regulators said:
“If we don’t get answers to these questions from the U.S.-based team we will then need to consider whether formal powers are exercised where available.”
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