Facebook’s coin Libra continues to be in the spotlight. The Singaporean Central Bank has provided the latest comment on it.
Following the announcement of Facebook’s Libra coin, multiple regulators across the world have expressed their attitude toward the whole affair. Now, its the Monetary Authority of Singapore turn. Recently, the watchdog held talks with FB, recognizing the project’s advantages.
However, according to Bloomberg, the Singaporean authority still believes that the project faces significant obstacles. Particularly, MAS Managing Director, Ravi Menon said that the concerns about the project are “not trivial.”
“The key challenge is to figure out the nature of the beast,” Menon said. “What is it more like and which box we can put it into. At this point, we are not sure yet.”
Not the first one
He added that “At this point, it’s not clear whether it offers a distinctly superior proposition to existing electronic payment mechanisms. We need to understand how exactly it’s going to work, including the economics of the project as well as security and privacy issues.”
Previously, Altcoin Buzz reported that Libra’s coin’s future in India remains uncertain. At the same time, The Bank of International Settlements, the Swiss-based financial institution, has warned against the big tech’s crypto foray.
