Australia says no to Facebooks Libra

The negative news about Facebook’s Libra continues into the new year. Now Australia’s central bank has rejected the ambitious project of the social media giant. It is very likely that the parliament will follow the recommendation of a rejection of the central bank.

 

Cryptocoin News: Australia says no to Facebooks Libra

The Libra is once again in the headlines. Although Facebook’s Cryptocoin is already subject to strong regulation, there still seem to be problems with its approval in many countries. Australia is the youngest country which (according to current information) will only have a clear “No” for the Libra.

The Reserve Bank of Australia (RBA) has stated in its official notification that there is already a functioning procedure for electronic payment processing, namely in the country’s commercial banks. Independent digital currencies are therefore unnecessary.

With this, Australia joins China, France and also Germany, which all had already announced to block Libra. It is interesting to note, however, that at least two of these countries are currently working on a state cryptocoin themselves.