(Bloomberg) -- Australia’s central bank chief has a message for those waiting to use Facebook Inc.’s proposed cryptocurrency: don’t hold your breath.
The social media network unveiled plans this week for Libra, a global financial system that will allow its more than 2 billion users to make everyday transactions online. When quizzed about its implications for Australia, Governor Philip Lowe -- already a long-time skeptic about cryptocurrencies -- suggested the project might be a long way off yet.
“There’s a lot of water under the bridge before Facebook’s proposal becomes something we’re using all the time,” said Lowe, when asked about the implications for Libra at a Q&A session in Adelaide on Thursday.
“There are a lot of regulatory issues that need to be addressed and they’ve got to make sure there’s a solid business case, so we’ve got to be careful before we jump to conclusions.”
Lowe was an outspoken critic of Bitcoin, the most well-known cryptocurrency, back in 2017. He described its ascension as “speculative mania” and said it was probably more appealing to criminals than consumers.
“I have long thought that a kind of cryptocurrency would not take off in Australia because we already have a very, very efficient electronic payments system that allows anyone of us to make bank payments to another person in five seconds just knowing their mobile phone number,” Lowe said Thursday.
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