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Home / Business / Facebook's Libra could meet the highest standards of regulation: BoE governor

Facebook's Libra could meet the highest standards of regulation: BoE governor



According to a Tuesday's Financial Times report, Facebook's cryptocurrency payment initiative may be subject to "the highest standards in global regulation," said Mark Carney, governor of the Bank of England.

Bank meeting in Portugal, after which he remains an "open mind" for the benefits of Facebook's cryptocurrency Libra and admits that worldwide payment systems are currently largely unequal.

He stated, however, that it was imperative for Facebook to meet the highest regulatory standards, should it be able to attract users.

Carney added that the UK central bank would "scrutinize" Facebook's crypto payment plan and work with global forces, including the G7 countries, the Bank for International Settlements and the International Monetary Fund and the Financial Stability Board, for Carney served as former chairman.

Based on the report, Carney also ran a Ra Questions were asked on how Facebook would be able to take action against money laundering while protecting users' privacy.

Carney's comment came after Facebook had unveiled its long-awaited cryptocurrency initiative for building a global peer-to-peer payment network.

Such a move had triggered criticism from home and abroad for the social media giant. Just a few hours after their announcement on Tuesday, European financial regulators expressed concern over the possibility of the Facebook scale becoming a shadow bank and called for a more in-depth review of the project.

A lawmaker who directs the US House of Representatives' Financial Services Committee even asked Facebook to stop developing Libra for the time being until hearings could take place.

Carney picture about Shutterstock


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