Most recently, Australia, too, joined them expressing opposition to it. The Office of the Australian Information Commissioner (OAIC) is engaging in a broader regulatory approach.
Reportedly, the government agency has emailed other regulators in the country to “use their formal powers” to press Facebook on addressing their concerns. Elizabeth Hampton, the deputy commissioner of the agency noted,
“If we don’t get answers to these questions from the U.S.-based team we will then need to consider whether formal powers are exercised where available.”
The financial regulators in the country met with Facebook Australia’s execs to grab details on Libra. They were left unsatisfied.
The U.S. based team of Facebook will be called upon formally by Australian regulators to chalk out their crypto plans with them.
The government is raising concerns that echo with the other developed countries as well — loss of monetary control, along with security and privacy of customers’ financial and personal details. The regulators seem to have further concerns that they plan to introduce once they get the details.
The Australian Securities and Investments Commission (ASIC) which raised concerns about in July as well, noted that there are a plethora of risk associated with it, it said,
“We also expect that we may identify more risks and threats once we have more information,”
International Collaboration for Libra and Stablecoins