LONDON: Bank of England governor Mark Carney on Tuesday said he was open-minded about Facebook’s cryptocurrency plans but warned the social network that ‘Libra’ would be subjected to tough worldwide regulation.
Speaking at a central banking conference in Portugal, Carney said the digital currency “will have to be subject to the highest standards of regulation” by Britain and other top economies.
He added: “We will look at it very closely and in a coordinated fashion” with other G7 nations and international bodies including the IMF.
Facebook on Tuesday unveiled plans for its global cryptocurrency, pledging to bring a stable virtual money that lives on smartphones and brings the “unbanked” billions into the financial system.
The Libra coin plan, backed by financial and nonprofit partners, represents an ambitious new initiative for the world’s biggest social network with the potential to bring crypto-money out of the shadows and into the mainstream.—AFP