Facebook’s cryptocurrency project might be forced to reveal its details as the Regulators in Australia plan on using formal powers.
According to the reports rendered by an Australian newspaper, a group of eight Australian regulators has decided to employ their powers to press Facebook on its intentions of releasing the stablecoin. The decision is followed by Mark Zuckerberg’s testimony last month, which apparently failed to alleviate the senators.
The national regulator of privacy and freedom of information, Office of the Australian Information Commissioner, also gave its take on the action. The deputy commissioner, Elizabeth Hampton, in an email to other regulators, stated, “If we don’t get answers to these questions from the US-based team, we will then need to consider whether formal powers are exercised where available.”
The newspaper brought into light the heavily censored documents where the Australian Securities and Investments Commission said, “The proposed Libra ecosystem also poses many risks and threats, including the proliferation of scams based on Libra via mobile apps.” The committee insists on identifying more potential risks of the project through every specific piece of information. The source also stated that Facebook Australia denied answering the queries about its meeting with the regulators.
“As a member of the Libra association, we will continue to be a part of the dialogue to ensure that this global financial infrastructure is governed in a way that is reflective of the people it serves,” a Facebook spokesperson told the newspaper.