Singapore regulator says it sees Libra’s potential but requires more information

Facebook is in talks with another financial regulator over Libra.

The Monetary Authority of Singapore (MAS) has spoken to the firm about its new cryptocurrency project - but there are still serious concerns, Bloomberg reports.

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 “The key challenge is to figure out the nature of the beast,” said MAS Managing Director Ravi Menon. “What is it more like and which box we can put it into. At this point we are not sure.”

Menon noted Libra could offer an alternative to existing cross-border payments systems which are “expensive, inefficient, [and] sometimes risky.” However, he also noted there a