Cryptocurrency News

Another Bank is Concerned About Libra

Facebook’s coin Libra continues to be in the spotlight. The Singaporean Central Bank has provided the latest comment on it.

Following the announcement of Facebook’s Libra coin, multiple regulators across the world have expressed their attitude toward the whole affair. Now, its the Monetary Authority of Singapore turn. Recently, the watchdog held talks with FB, recognizing the project’s advantages.

However, according to Bloomberg, the Singaporean authority still believes that the project faces significant obstacles. Particularly, MAS Managing Director, Ravi Menon said that the concerns about the project are “not trivial.”

“The key challenge is to figure out the nature of the beast,” Menon said. “What is it more like and which box we can put it into. At this point, we are not sure yet.”

Not the first one

“The current cross-border payments system is “expensive, inefficient, sometimes risky. Libra offers a very interesting proposition that could help to address” those issues,” Menon said on the matter.

However, he also pointed out that “there are many other experiments underway to address shortcomings in cross-border payments.”

He added that “At this point, it’s not clear whether it offers a distinctly superior proposition to existing electronic payment mechanisms. We need to understand how exactly it’s going to work, including the economics of the project as well as security and privacy issues.”

Previously, Altcoin Buzz reported that Libra’s coin’s future in India remains uncertain. At the same time, The Bank of International Settlements, the Swiss-based financial institution, has warned against the big tech’s crypto foray.

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