cryptodaily.co.uk: Libra Could Be Being Looked At By Australian Regulation Authority

  • Tuesday, 21 January 2020 14:00
cryptodaily.co.uk: Libra Could Be Being Looked At By Australian Regulation Authority © cryptodaily.co.uk
The controversial project from Facebook, Libra is being potentially going to be looked over by the Australian Prudential Regulation Authority. An official proposal was published this week by APRA to the Senate in submitting potential regulatory framework. The authority confesses that online wallets are becoming even more crucial for the financial system. The controversial project from Facebook, Libra is being potentially going to be looked over by the Australian Prudential Regulation Authority (APRA). An official proposal was published this week by APRA to the Senate in submitting potential regulatory framework driven for fintech and regulatory technology.  As it says in the proposal, the framework… “...is intended not only to be fit for purpose for the current financial system but also be able to accommodate future developments and technological advances, such as proposals for global stablecoin eco-systems that have been the subject of significant attention in recent months.” The authority confesses that online wallets are becoming even more crucial for the financial system. This is thanks to mobile apps becoming increasingly popular. The regulator sees two specific types of digital wallets though: “Some, but not all, digital wallets hold stored value on behalf of customers and are pre-paid facilities. Others (such as Apple Pay) hold customers’ credit/debit card details and only facilitate payments from that nominated account.” The Australian body goes onto note that it would be looking over digital wallets that are commonly used in storage and for payments. This includes Libra’s parent Calibra wallet. As reported by CoinTelegraph: “For wallets that actually hold the user’s value, APRA has started developing a new principles-based prudential standard to simplify the regulatory requirements for new types of fintech businesses.” It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

Additional Info

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.

Disclaimer: As a news and information platform, also aggregate headlines from other sites, and republish small text snippets and images. We always link to original content on other sites, and thus follow a 'Fair Use' policy. For further content, we take great care to only publish original material, but since part of the content is user generated, we cannot guarantee this 100%. If you believe we violate this policy in any particular case, please contact us and we'll take appropriate action immediately.

Our main goal is to make crypto grow by making news and information more accessible for the masses.