Calibra digital wallet to be carefully regulated if Libra launches in Australia

If the proposed stablecoin project Libra is launched and the Calibra digital wallet is launched in Australia, Facebook will need to meet minimum capital requirements and face other prudential regulations. The Australian Prudential Regulation Authority said that the Council of Financial Regulators had proposed to the government to regulate so-called "stored value facilities" or digital wallets, and that the providers must meet the conditions including that their services involve an amount exceeding 5000 USD 10 million, compliance with "maintenance and minimum capital requirements", and "periodical reporting requirements".