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Australian regulators will employ formal power to obtain details on Libra – Libra News

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Saloni Sheelwant
Saloni Sheelwant treasures to research and write about the new startups and technologies thriving at a very fast pace.

Libra might face another call out as the Australian financial regulators plan on forcing Facebook to reveal the details of its cryptocurrency project. An Australian newspaper has reported that eight regulators have agreed to use their formal power in the context. OAIC deputy commissioner has alerted the authorities over the use of powers to attain the answers. The ASIC committee stresses to discover the left out risks once every information is obtained.

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.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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