The Reserve Bank of Australia (RBA) says its ready to do all it can to regulate Libra and any other new “payment technologies” that make their way through the country’s borders.
A Test Version of Libra Is Made Available
Australia has been particularly hard towards Libra in the past, citing trust issues and even hinting that the platform was going to face hardcore scrutiny due to a largely unwelcoming attitude. This latest statement suggests that Australia may be giving into the idea that Libra – and systems like it – are part of a digitally enhanced future, and that there may not be a way around it.
Tony Richards of the Select Committee on Financial Technology and Regulatory Technology explained in an interview that the nation had received an “early” version of Libra so regulators could potentially test it out before it becomes mainstream and widely available to the public. He stated:
We’re getting a test of this currently with the proposal via Facebook for its new Libra coin, but that’s a problem I think we can solve. The international community of regulatory and central banks are talking to each other as to how we would regulate Libra if – and when – it’s launched. Certainly, the rapid pace of innovation is creating challenges for us, but for the most part we can deal with those, but we must keep up with technology, so we understand the technology that’s going behind these business models. Read More...