Photo by Tobias Keller on Unsplash [Download]

Australia reportedly wants to grill Facebook about its cryptocurrency plans

According to Reuters, an Australian newspaper says that eightof the countrys regulators have agreed to use their formal powers to press Facebook for answers as it readies to launch Libra.

Similarly to their counterparts across the globe, Australian regulators have expressed concerns about Libras potential effect on existing financial systems, and its use for money laundering purposes.

The newspaper went on to say that a specialist committee, tasked with exploring potential threats for the Australian Securities and Investments Commissions , said in July that all regulated entities, could be affected if Libra wasnt adequately supervised.

The news comes just one day after a European Union draft report suggested that the European Central Bank issue its own public digital currency to counteract Libra.

Original article
Author: Thenextweb

TNW is one of the world’s largest online publications that delivers an international perspective on the latest news about Internet technology, business and culture.

Thenextweb has recently written 11 articles on similar topics including :
  1. "Yann LeCun, Facebooks world-renowned AI guru, had some problems with an article written about his company yesterday. So he did what any of us would do, he went on social media to air his grievances. Only, he didnt take the fight to Facebook as youd expect". (March 12, 2021)
  2. "Facebook today posted a blog post detailing a three-year-old solution to its modern AI problems: an algorithm inspector that only works on some of the companys systems". (March 31, 2021)
  3. "Facebook is rolling out a new tab in its main app called Facebook Shop. The company had introduced a similar tab on Instagram in July after it announced Facebook Shops its feature to turn pages into stores in May". (August 25, 2020)
  4. "Technology giants are shook because the Apple privacy strategy is rolling on. Bet they rue the day iOS 14 was ever announced". (January 28, 2021)
  5. "Facebook launched its bug bounty program in 2011. Now, the company is bringing an intriguing update to it with a loyalty program calledHacker Plus, which will reward security researchers to keep finding bugs in the social networks platform". (October 9, 2020)
  6. "At its core, Twitter hasnt changed all that much in the past few years. For the most part, people use it the same as they always have a mostly public-facing microblogging platform". (February 26, 2021)
  7. "Facebook hasopen-sourced the first AI model that can translate between any pair of 100 languages without first translating them to English". (October 20, 2020)
  8. "When TikTok was banned in India last June, Instagram jumped on the short video bandwagon very quickly and launched Reels. The company rolled out the feature globally in August 2020. Now, its parent company Facebook is integrating Reels in the blue app". (March 9, 2021)
  9. "Facebook today announced a new feature called Drives. No, thats not a drive in the sense of yet another cloud storage service, but instead in the sense of clothing drive or food drive". (November 24, 2020)
  10. "During Facebooks quarterly earnings call today, Mark Zuckerberg highlighted some major changes coming to Facebook. After years of being the primary news source for many people, Facebook has decided it wants to show less political content". (January 28, 2021)
  11. "The operation reportedly used AI-generated Facebook profile photos to spread government propaganda about Beijing's interests in the South China Sea". (September 23, 2020)
Posted on  , , , , ,