SINGAPORE—Singapore wants Facebook to offer up more details about the launch of its new cryptocurrency, Libra, before the country decides whether there is need for new regulation.
The government, though, says it is "open" to new innovations in the sector if these do not threaten the stability of the local ecosystem, reported ZDNet.
The Monetary Authority of Singapore (MAS) remained in talks with Facebook about the U.S. social media platform's plans for Libra and would consider "appropriate regulatory responses" once specifics about the cryptocurrency were provided, said Senior Minister Tharman Shanmugaratnam, who oversees the central bank.
The island will get its first Bitcoin ATM in March.
‘Early Stages’
Shanmugaratnam noted that Facebook had expressed hopes its new digital currency would help lower the cost of payments and bring the unbanked into the financial system. The minister added that the Singapore government currently did not have details as to how Facebook and its Libra partners planned to implement the digital currency, ZDNet said.
"It is in the early stages of development, with a number of issues to be worked out around its features, use cases, and governance arrangements," he said. "Like other regulators around the world, MAS will make an informed assessment of the potential benefits and risks of Libra once these details become clear."