Australia may give green light to Facebook crypto project, but subject to wallet control

One of Australia's leading financial regulators said it could potentially regulate Libra stablecoin.

In a formal request to the Senate, AustralianThe Advisory Law Regulatory Authority (APRA) has proposed a new regulatory model that will allow it to control the digital wallets used to make payments, such as Apple Pay or Calibra from Facebook.

According to the document, the new structure will not only meet the goals of the current financial system, but will also be able totake into account future developments andtechnological advances, such as global stablecoins, which have recently attracted considerable attention.

Although the Calibra wallet is still under development and should only be launched by the end of the year, but APRA's proposal appears to be a positive development for the Libra crypto project, which has faced pressure from regulators from most of the world's governments.

However, not all countries strongly opposed the Facebook initiative. For example, the Bank of England called the conditions on which Libra is ready to accept.

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