Australian banking executives have described Facebook's attempt to develop its own cryptocurrency as a clear threat to the industry, but payment experts were sceptical about its potential impact on the local financial sector.
"There's a question that has to be asked, particularly for Australia. What pain point is it trying to solve?" he said.Loading And while there is plenty of scepticism about how Facebook would handle the regulatory challenges of effectively creating a new global currency, the bigger challenge may be ensuring the successful adoption of the platform by consumers.
The latter issue could heavily influence who Facebook chooses as a potential Australian member of the Libra consortium, according to Mr Tan. “If it’s successful, it's not just going to have the traditional qualities of a corporate currency like Westfield dollars or, Qantas Frequent Flyer points, it’s really a governance play,” said Mr Tan.
And he said he wants the whole world to sign up, even as he told friends people were 'idiots'for trusting him with their private information.
Who does this bloke think he is threatening and why?!