Australia to press Facebook for details on Libra cryptocurrency - newspaper

MELBOURNE (Reuters) - Australia’s financial regulators may force Facebook (FB.O) to reveal details about its plans for a global cryptocurrency called Libra after the company failed to allay the watchdogs’ concerns, The Australian newspaper reported on Wednesday.

FILE PHOTO: Small toy figures are seen on representations of the virtual currency before the displayed European Union flag and the Facebook Libra logo in this illustration picture, October 20, 2019. REUTERS/Dado Ruvic
The newspaper said eight Australian regulators had agreed to use their formal powers to press Facebook on its plans to launch the so-called “stablecoin” digital currency following an unsatisfactory meeting with the company in October.

A stablecoin is a digital currency tied to a “stable” asset or basket of assets that can range from real currencies to commodities. Libra would be pegged to bank deposits and government securities across several currencies such as the dollar and euro.

Read more: https://in.reuters.com/article/uk-facebook-cryptocurrency-australia/australia-to-press-facebook-for-details-on-libra-cryptocurrency-newspaper-idINKBN1XF2OR

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