Singapore – Central Bank Calls for Coordinated International Approach towards ‘Libra’

After the 26 European Central Banks’ controllers demanded will answer questions regarding their planned ‘, ’s Central Bank calls for a global coordinated approach

After a rocky start to its launch, the last month seems to be the hardest one yet for the ’s currency. Earlier this month, the Finance Minister Bruno has announced in an conference that due to growing concerns regarding the future currency, Facebook will not be permitted to offer it, or even develop it, in France. While it seemed drastic at the time, it certainly demonstrated the sentiment shared by many international regulators regarding ’s monetary aspirations.

new – Finleaks

Less than a week after ’s aggressive statement, the European Central Banks followed his lead. The chancellors of the 26 European Banks have announced that they are apprehensive about Facebook’s aspirations and will require American Tech giant’s executive to appear before the heads of the banks and provide answers to many of the burning questions many in the industry have about the proposed ‘’ currency. The central banks have made it clear that unless their concerns are properly addressed and levitated by Facebook management no regulatory talks will be held with the organization regarding the implementation of the currency in the platform across .

A week after the announcement of the heads of the European Central Banks, the Singaporean authorities decided to follow suit. The Central Bank published its opinion regarding the new currency, and it does not look too promising for Facebook. In an announcement published by the Central Bank, they call the ‘Libra’ a global problem and call for an international coordinated action that will allow for a joint approach towards Facebook’s new . This call is of particular importance due to ’s significance in global economy and Asian economy in particular.

’s call, following the recent actions taken by European banks, raised concerns in the industry and among investors, who view the mounting fears caused by ‘Libra’ as a possible indication that the plans to launch autonomous cryptocurrency by private companies may perhaps prove to be less feasible in the near future than was expected less than a year ago when the launch of ‘Libra’ was first announced. 

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