Bank of England governor gives positive review of Facebook's Libra

The Bank of England Governor has given one of the first positive reviews towards Facebook's latest cryptocurrency project following huge backlash from governments and banks
Bank of England governor gives positive review of Facebook's Libra
Bank of England Governor Mark Carney believes that Libra has the ability to "substantially improve financial inclusion and dramatically lower the cost of domestic and cross border payments," Yahoo Finance reports
Following the launch of Libra this week by Facebook, the company has come under massive scrutiny by governments and banks with concerns surrounding the projects. The US Senate has also set a date of July 19 to hear testimony on the project, sighting concerns that Facebook has had issues in the past.
Carney believes that Libra could become "systemically important" to global finance, although the governor admits that the project will be approached "with an open mind but not an open door.”
Carney continues to say "Unlike social media for which standards and regulations are being debated well after it has been adopted by billions of users, the terms of engagement for innovations such as Libra must be adopted in advance of any launch". The Bank of England will be holding discussions regarding the launch of Libra with the G7 in the coming weeks.
Carney appears to be one of very few who have given a positive  review towards what could be the world's most widely adopted cryptocurrency. Carney reiterates "It would have to meet the highest standards of prudential regulation and consumer protection, It must address issues ranging from anti-money laundering to data protection to operational resilience."
The future of Libra still remains inconclusive as governments look set to discuss plans on how to handle the project going forward.

#buttons=(Accept !) #days=(20)

Our website uses cookies to enhance your experience. Learn More
Accept !