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Singapore's central bank wants more information on Facebook's Libra Crypto



Singapore's Central Bank, Singapore's Monetary Authority (MAS), seeks more information from Facebook on the recently presented Crypto contest Libra.

As reported by Bloomberg, MAS CEO Ravi Menon said at a media briefing on Thursday that his institution has held talks with the social media giant of concerns about how Libra would work, even though he acknowledged it, there are potential benefits also.

Currently, MAS has trouble deciding how to categorize weapons with regard to regulation. "At this point we are not sure yet," Menon said.

When it comes to possible benefits, he said that Libra "offers a very interesting proposal that can help solve" existing "expensive, ineffective, sometimes risky" ways of transferring.

However, MAS needs more information to measure these benefits over existing electronic payment systems. The regulator needs to understand "how accurate it is going to work." Menon said, among other things, aspects such as Libra's finances, security and privacy.

The men's comments come as the latest in a number of global regulators to say that more information is needed to understand the benefits and risks of Libra.

The authorities of Italy, the United Kingdom and France have recently stated that Libra raises issues that need to be investigated.

In the US, the House Financial Services Committee will host a hearing on Facebook's libra cryptocurrency next month, just one day after the Senate Banking Committee has its own hearing.

Maxine Waters, head of the powerful house committee, has raised concerns that the Facebook token could ultimately compete with the dollar, while French finance minister Bruno Le Maire has said it is "in doubt" that Libra is allowed to "Become a superb currency. It cannot and must not happen."

As a result, France creates a working group in the group of seven (G7) nations to investigate the problems.

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