Philip Lowe, head of the Reserve Bank of Australia (RBA), has said he does not feel particularly optimistic about Libra, Facebook's cryptocurrency.
He believes that Facebook's crypto will not be massively adopted, at least not in the short term.
Lowe highlighted that there is still a lot to do until Libra becomes a tool that users use all the time.
The biggest obstacle that Facebook's crypto will have to face is regulation, since the social network will be forced to comply with the regulations of all the jurisdictions in which it plans to launch its crypto, and this is not an easy task.
The RBA has shown in the past a reluctant attitude towards cryptos, stating that users in the country are not enthusiastic about the idea of using them as a payment option since they are used to using digital payments controlled by banks. If they already work fine for them, why would they want to change?
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.