The Monetary Authority of Singapore, also known as MAS, has voiced concerns about Facebook’s new cryptocurrency project, Libra. Therefore the MAS, which is also the central bank of Singapore, has started to research the project on a more thorough basis.
The managing director of MAS, Ravi Menon has already talked to Facebook’s representatives about the changes Libra is planning to bring to the industry and how it will function specifically. Despite the concerns about security, Menon did mention that there are some benefits to be found with Libra.
Menon has mentioned that the benefits brought on by Libra would certainly help with the methods of remittance, however, the bank is not able to fully commit to the new project as it is struggling in the classification of Libra’s regulation.
Singapore is the latest jurisdiction to voice their concerns about Libra, but they’re definitely not the only one. Nearly every country has had some issues with Libra’s explanation, which outlines the fact that the whitepaper was not descriptive enough.
The only support Facebook managed to receive was from the Bank of England, and the Central bank of Switzerland, which was more of an indifference than support.
It’s not clear if Facebook is going to commit to additional explanations of their project, but regardless of the circumstances, they’re most likely still going to launch one way or another.