Tue, May 21, 2024

The Reserve Bank of Australia Probes Fb Crypto Proposal

Reserve Bank of Australia: RBA website displayed on smartphone hidden in pocket.

The Payment System Board has recently discussed Facebook’s proposal for the introduction of a “global cryptocurrency.”

The Payments System Board is one of the two boards of the Reserve Bank of Australia. Today, it has posted an update regarding its August 2019 Meeting. It also had a discussion about the declaration.

This part of the Reserve Bank is responsible for the payments system policy. It includes the policy in relation to clearing and settlement of facilities.

The organization has also discussed a variety of issues at its meeting today, including crypto assets.

The Board’s discussion was about the announcement of Facebook’s proposed outline of a global cryptocurrency, as well as a new Facebook subsidiary to offer digital wallet services.

In a statement, the Board stated, “Bank staff will continue to coordinate with relevant domestic and overseas regulators.”

In addition, “This is to ensure that any payments system implications are appropriately addressed before any launch.”

The Treasury released a paper in January in Australia. The article is about seeking views on the potential benefits and risks of ICOs and the application of the domestic regulatory framework to ICOs.

Additional Obligations to Lessen Potential Harm

ASIC has continued its work to alleviate potential harm from crypto assets to consumers and investors.

In particular, ASIC aims to monitor ICOs closely to safeguard compliant behavior, and to present market infrastructure regulation for cryptocurrency exchanges.

Meanwhile, the digital currency exchange providers had additional AML/CTF obligations that were effective on April 3, 2018.

The obligations include accepting and maintaining an AML/CTF program to identify, alleviate, and control money laundering and terrorism financing risks.

Second is recognizing and verifying the identities of their customers.

It also comprises of reporting to AUSTRAC suspicious matters, and contacts involving the physical currency of $10,000 or more.

Lastly, is the protection of certain records for seven years.

June of the same year, John Glen, an Economic Secretary to the UK Treasury refused to answer in a question about the launch regarding the bearing of other jurisdictions towards Facebook’s Libra.

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