Australian Bank Fears Facebook’s Libra, Seeing It As ‘A Threat’

One of the largest banks in Australia is apparently sweating over Facebook’s upcoming altcoin and cryptocurrency release which got an official name – the Libra project. The Australian Bank named National Australia Bank (or NAB) which is a member of the ‘big four’ banks in the country, has been in constant fear due to a potential collapse of the banking system.
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It seems like many other banks are sharing the same feelings, as the latest cryptocurrency news show. They are now shaking at the sight of the Facebook Libra coin. While some are excited about the cryptocurrency and the opportunities that it will bring, others are apparently concerned because of the potential efficacy of the cross-border payments done at the tap of a single button.

NEW: The top lawmakers on the House Financial Services Committee are targeting Facebook’s new cryptocurrency, #Libra.

Chairwoman Maxine Waters says it’s another example of Facebook’s “unchecked expansion,” urges execs to testify and calls on FB to stop working on the currency. pic.twitter.com/xOklWsfLdx

— Brian Fung (@b_fung) June 18, 2019

As reported in the Sydney Morning Herald, the Australian Bank NAB has made comments regarding the Facebook Libra launch in which they state:

“They’re not the first company to launch a crypto payment solution, but they do have immense reach obviously through their Facebook platform. With a billion plus users on its platform, it is clearly a threat.”

Right now, Facebook’s intentions are clear from the fact that it has not included a single bank in the Libra Association. The inclusion of different payment processors and other tech upstarts – including crypto exchanges – clearly indicates that the company is looking to bypass the banking network in an attempt to knock down the barriers and get direct with the consumers.

Many best cryptocurrency news sites have reported on this Facebook coin. They said that it will be very beneficial for users who wouldn’t need a bank account to fund their Uber ride, as they can simply use Libra to do the same thing using a simple payment processor (such as Visa or PayU). Just like that, payments will be made easier and more accessible to users.

This is exactly the reason why the Australian bank NAB is fearing the project. Since Facebook Libra is on track to replace Bitcoin as the global banking industry’s current biggest threat, the reach is massive. According to reports by Statista, Facebook had nearly 2.38 billion users at the end of the first quarter of 2019.

Libra is covered in many altcoin news sections as the hottest upcoming cryptocurrency that is about to launch.