The Reserve Bank of Australia will not allow Facebook’s Libra even with strict regulations

The Reserve Bank of Australia has quashed any hopes for Facebook's cryptocurrency Libra. The central bank is contemplating to launch its digital currency to speed up the transaction process.

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The Reserve Bank of Australia has denied any hopes for allowing Facebook’s stablecoin in the country. However, the central bank is bullish on the success of centralized stablecoin.

 

RBA does not see bitcoin taking off as a mode of payment in Australia.

The Reserve Bank of Australia said that it does not cryptocurrencies like bitcoin taking off as a mode of payment in the country because of their volatile nature. But the central bank is positive about the success of centralized cryptocurrency. The bank also acknowledged that Libra has the potential to become widely used, given the involvement of various companies such as Facebook that may be able to leverage their large existing user bases and technological capabilities. But the bank asserted that it wouldn’t allow Libra even if it is highly regulated.

 

Binance donates $1 million to fight Australian bush fires.

One of the world’s largest crypto exchange donated $1 million in BNB coin to fight Australian bush fires. The devastating wildfires that have killed more than half a billion animals in Australia is among the worst natural calamity that the continent has ever seen. Binance CEO also called on the crypto community to come forward and donate to this cause.

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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