Australia will urge Facebook to disclose details of Libra cryptocurrency

Australian financial regulators may force Facebook to disclose details of its Libra global cryptocurrency program because the company failed to ease regulatory concerns. Australian and international regulators are concerned that this new currency could damage the financial system, hurt Facebook app users, and help with money laundering. Elizabeth Hampton, Deputy Commissioner of the Office of the Australian Ombudsman (OAIC), said: "If we don't get answers to these questions from the US team, then we will need to consider whether to exercise formal power where possible."