Ravi Menon, a managing director over at the Monetary Authority of Singapore, has stated that the country is joining the ranks of many others who are wary of Facebook’s Libra project.
It should come as no surprise that governments and regulators across the world are wary of Facebook’s upcoming stablecoin, Libra, considering it has the potential to disrupt the world economy as we know it.
While Bitcoin and other cryptocurrencies have the potential to as well, what’s different about Libra is that it’s owned by a company with more reach than nearly any other entity in the world. This is why countries like France are hesitant to allow the currency to launch within their borders.
Speaking to the Financial Times, Menon stated that world regulators are realizing that everyone needs to approach Libra with a cohesive policy created together. This is partly due to the fact that because Libra’s potential is globally-reaching, no regulator could fight it by themselves. That said, he doesn’t think anyone should outright ban Libra at this point, considering we know so little about it.
What’s notable about this is that Singapore is one of the leading blockchain and technology advocates in the world. They hold an annual World Blockchain Summit, for example, a space where hundreds of blockchain experts meet to discuss the industry. So, the country joining the rest of the world with its stance on Libra is a striking one.
Since Libra’s announcement, governmental representatives have made points to speak with the head of the project, David Marcus, regarding regulations and what they want to do with the project. Marcus has also come out and said that despite previous concerns, the company is fully planning on launching Libra next year. That and the head has made a point to position Libra as the cryptocurrency of the free world – one that must compete with China’s upcoming stablecoin.
What do you think about Singapore joining the rest of the world? Should everyone be this worried about Libra? Let us know your thoughts in the comments below.
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