CEO of Facebook, Mark Zuckerberg has proposed to launch Libra in 2020. As a means of money transfer among facebook & WhatsApp users at an extremely low cost or even without costs at all. Initially, it looks like a very good idea, as there will be no boundaries and no paperwork need to transfer money all around the globe though certain concerns were raised regarding security and privacy issues.
Many giants in the market, such as PayPal, Visa, and Mastercard have joined the initiative, though after the failure of the Facebook representatives to address specific questions in regards to the security of the digital currency they finally have withdrawn. The same might happen to the countries.
Several regulatory agencies have been working on the investigation of the digital currency. As reported by Australian news sources they are very concerned with the risks and threats. Moreover, It might bring in Australia’s financial market. Moreover, Several agencies have already started the investigation process. The Office of the Australian Information Commission has reported, they will proceed with the independent investigation as well. Together with them, there are agencies focus on the anti-money laundering and regulators for the safety & privacy of the customers.
The priority for the Australian governments has always been the security of the customers. As well as the responsible market they will be operating in, this is the key point, why they try to avoid any Libra related headaches.
Libra, in other words, “Zuck Buck,” is merely a cryptocurrency. It tells Facebook and the government every single thing about the financial life of the customer, which is highly unsupportive from the governmental side.
Not only the Australian government but also US politicians have doubts about the digital asset. Noting that people might be the ones who will not back up the idea, due to the security, privacy issues and upcoming hurricane of ads they will hit & have to struggle with.
The questions still remain and there are some sentences without a full stop at the end. The launch of the currency is planned in 2020, and Facebook definitely has to find someone playing on its’ side.