"Facebook is not the first company to introduce a password-based payment solution, but it has a tremendous impact on its platform," said Anthony Healy, president of National Australia Bank (NAB), one of Australia's four largest banks. This is clearly a threat when billions of people are using the platform. "
In this regard, the CCN said that it is possible to guess the threats that banks face in the absence of any of the more than 20 large conglomerates of the Facebook Libra Association.
The inclusion of payment processor and other technology leaders at the Libra Association indicates that Facebook is considering removing existing barriers in financial systems and circumventing the banking network to reach consumers, the CCN said.
The CCN also added that governments around the world are under pressure to put a lot of pressure to eliminate bitcoin threats to their existing financial systems, but they will not be able to do so for Facebook with more than 2.3 billion users.