Bank of England’s Mark Carney sees potential in Libra’s “free and instant” payments but says regulators will not give it an “open door”

The Bank of England governor Mark Carney says he is open-minded about Facebook's Libra token but warned mass adoption would force it "to be subject to the highest standards of regulation," the Financial Times writes.

Carney notes a double-edged sword, saying he sees the potential utility of Facebook's global digital currency, especially in countries where moving money is expensive and slow, including the US, as it could provide people with a “free and instant” payments solution. However, should Libra subsequently become successful, only the toughest regulation would be appropriate, he said, with a particular focus on preventing money laundering, hacks, and enforcing user privacy.

Original source

Add comment

Please Sign in to be able to leave comments.