Bank of Australia Governor: I am not optimistic about Facebook's Libra project

Bank of Australia Governor: I am not optimistic about Facebook's Libra project

Translator: Play the coin family ElaineHu

Reserve Bank of Australia (RBA) President Philip Lowe declared he was deeply skeptical about the impact of Facebook's new cryptocurrency.

Libra, the most recently discussed cryptocurrency project, looks good for some people at the program level, but regulators believe that it is unlikely to be realized in the short term.

Lowe said, "There may be a long way to go before Facebook's new cryptocurrency is used on a large scale."

In a statement made at a press conference, Lowe said Libra's final results are still uncertain. The digital currency project has not yet met regulatory standards, which is a major concern for regulators on an international scale.

He pointed out that "there are many regulatory issues that need to be addressed and they must ensure a reliable business case."

The social media giant’s statement has triggered a series of reactions this week, and regulators and developers are generally not very optimistic about this.

The Governor of the Australian Central Bank extended his doubts to the use of cryptocurrencies. He believes that cryptocurrencies are “not applied on a large scale” in Australia because people are used to digital control systems based on bank controls.

He said, "We already have a very very efficient electronic payment system. Anyone who knows their mobile number can deposit money in the bank within five seconds."

Libra's prospects

At the same time, the RBA also issued a view on the future of Australian cryptocurrency. Unsurprisingly, the conclusions of the report are consistent with its main representative views.

According to the agency, centralized digital payment leaves room for large-scale adoption of cryptocurrencies, but the use of this form of currency is not accepted by most people.

The Australian central bank said, “Many projects are often at the expense of making cryptocurrencies more central. This feature of cryptocurrencies may be unattractive to crypto-liberators and in any case makes them more similar to established payment systems. ".

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