Facebook virtual currency was 'whistle' in Australia

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Australian lawmakers asked Facebook to publicize details of its plans to deploy the Libra virtual currency after the company failed to respond to an accountability request by authorities.

The Australian newspaper said eight lawmakers of the country agreed to a request for clear explanations from Facebook about Libra.

The request was made after Facebook refused to disclose information about the virtual currency "stablecoin", which is used for commodity and real money transactions. Meanwhile, Libra is tied to bank deposits and inter-currency government bonds like the dollar and euro.

Australia asked Facebook to disclose details of its plans to deploy the Libra virtual currency

At the same time, the Swiss data regulator also waits for Facebook's detailed explanation of the cryptocurrency plan.

Australian and international lawmakers have repeatedly expressed concern that Facebook's new currency could disrupt the financial system, harm Facebook users, and help money laundering.

"The Libra ecosystem has many potential threats and threats, causing frauds through mobile applications," said the Australian Information Commission.

The Australian newspaper also said Facebook Australia declined to answer detailed questions during a meeting with the country's lawmakers. This move could bring a lot of trouble for Facebook.

Meanwhile, France will freeze all plans to deploy Libra virtual currency in the country.

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