- The financial regulators in Australia have expressed their concerns regarding Libra.
- They believe that it could become a tool for cyber scammers.
Following the same tone as regulators in the United States and Europe, the Australian financial regulators have now come forward expressing views to resist the launch of Facebook’s proposed digital currency.
A total of eight regulators in Australia have joined forces to probe Libra, however, the details provided by the social media giant failed to satisfy their concerns.
The regulators that met were; the Australian Securities & Investments Commission (ASIC), the Office of the Australian Information Commissioner (OAIC), Austrac, and the Australian Competition & Consumer Commission had a meeting with the US executives of Facebook last month.
Furthermore, the financial watchdogs are concerned around that Libra will become a tool for cyber scammers and also alarmed by the privacy concerns.
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