Australian bank calls Facebooks Libra a “threat”

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Facebooks Libra is not only criticised by the United States and Europe, today similar opinions are coming from Australia and Sweden.

The French Minister of Finance Bruno Le Maire said earlier during an interview with the radio channel Europe 1 that he wants the French central bank to investigate the project. He also ruled out that the cryptocurrency will one day become a sovereign currency; “It can’t happen,” says Le Maire.

In addition, similar opinions came from the United States. Democrat and also chairman of the House Financial Services Committee wants Facebook to immediately stop developing the project so that regulators can first conduct research.

Now there is criticism of Libra from other parts of the world. The head of one of Australia’s four largest banks, National Australia Bank, calls Libra a threat:

They are not the first company to launch a crypto payment solution, but they undoubtedly have a huge reach through their Facebook platform. With more than a billion users on its platform, it is clearly a threat.

It is not surprising that Libra is a threat to banks in particular. Together with a number of large partners, such as Uber and Visa, Facebook hopes to put banks off the sidelines and make payments faster. It is also striking that no bank is part of the Libra Association, an association that should oversee the development of Libra.

Finally, the Swedish Minister of the Financial Markets, Per Bolund, expressed a warning in the form of a warning. During an interview with a Swedish radio station, he said:

I would advise people not to make too large investments and to put too much money into this type of virtual currency because of the high risks involved.

However, it is unclear on Bolund that Libra will not be volatile. For example, Libra owners are not exposed to risks such as sudden impairments, comparable to other stablecoins.

About Sanjay Mallick 30 Articles
Sanjay joined NOBLE in 2019, but had already built up extensive writing experience at other news outlets before. He has a preference for everything tech as well as gaming, he likes especially RPGs and sports games. In his free time he enjoys cooking for his friends and family.

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