The Libra cryptocurrency project kickstarted by Facebook continues to ruffle the feathers of government officials and banking representatives across the world. Bloomberg reports that the Monetary Authority of Singapore (MAS) has held talks with Facebook over Libra, with the regulatory agency’s managing director Ravi Menon as saying that there are still key concerns about Libra that are yet to be addressed. He added:
“The key challenge is to figure out the nature of the beast. What is it more like and which box can we put it into. At this point we are not sure yet.”
Aside from Singaporean authorities, Facebook has also reportedly held discussions about Libra with the US Federal Reserve and Bank of England governor Mark Carney. Libra will also be the subject of hearing before the US Senate banking committee on July 16.