Australian banking identifies Facebook's Libra program as a serious threat

Facebook's Libra plan is a common concern for the Australian banking industry, which banks believe will subvert their existing business models. Anthony Healy, head of commercial banking at National Australia Bank (NAB), said that Facebook is not the first company to introduce a cryptographic payment solution, but its platform has more than 1 billion users, and its huge influence will be a huge threat. Asher Tan, one of the founders of Australia's bitcoin exchange CoinJar, said that Libra's consortium of financial companies and e-commerce companies does not have a banking institution, which means that Facebook is going to bypass traditional institutions and directly contact companies and Retailer.