Singapore Monetary Authority talks to Facebook on Libra issues

According to Bloomberg News, the Singapore Monetary Authority (MAS) has recently discussed with Facebook about its new cryptocurrency Libra program. Ravi Menon, managing director of MAS, said that despite the potential benefits of Libra, concerns about how it works are “not trivial”. Menon said, “The key challenge is to understand the nature of the beast. It is more like what we can put in which box. We are not sure yet.” Menon, like other heads of the global financial system, passed on Facebook. There is reservation about the cryptocurrency entering the highly regulated financial industry. However, Menon also pointed out the potential benefits of Libra, which can provide a cheap payment system and help bring people without bank accounts into the mainstream financial system.