Governor of the reserve bank of Australia (RBA), Philip Lowe, cautions that Facebook’s proclaimed virtual currency—Libra—may not attain mainstream usage in the near future, per a report by Bloomberg on June 20

The report quotes Lowe as follows concerning Libra:

“There’s tons of water under the bridge before Facebook’s proposal becomes something we’re using all the time [...] There are tons of regulative problems that require to be addressed and they’ve got to make certain there’s a solid business case, therefore we’ve needed to watch out before we jump to conclusions.”

Lowe reportedly additionally criticized the top cryptocurrency by market cap, bitcoin (BTC), in 2017. The RBA governor is claimed to own complained that it rose to prominence because of “speculative mania” and more conjectured that criminals were seemingly more drawn to that than customers.

Libra and bitcoin aside, Lowe reportedly doesn't assume cryptocurrency is viable for Australia, because of the acknowledged utility of its pre-existing electronic payment system.

Lowe remarked:

“I have long thought that a form of cryptocurrency wouldn't set out in Australia as a result of we have already got a very, terribly economical electronic payments system that enables any one of us to make bank payments to a different person in 5 seconds simply knowing their mobile phone number.”

As reported by Top Market Group on June 21, the RBA released a paper entitled ‘Cryptocurrency: 10 Years On,’ arguing that cryptocurrency wouldn't win mainstream adoption in Australia.

Echoing the preceding sentiments expressed by Lowe, the RBA paper’s abstract reads:

“This article examines why Bitcoin is unlikely to become a present payment methodology in Australia, and summarises however consequent cryptocurrencies have sought to address a number of the shortcomings of Bitcoin – like its volatility and measurability issues.”

Governor Lowe’s comments be a part of a chorus of recent governmental reactions to Libra, together with ambivalent comment from the Chair of the U.S. central bank, further as an announcement from the chairman of the Russian State Duma Committee on Financial Markets that the Libra wouldn't be legalized in Russia, as Cointelegraph reported on June 19.

Top Market Group reported that the U.S. Senate Banking Committee has scheduled hearings on Facebook’s cryptocurrency project for July 16.

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