• Fri, 19 Jul 2019, 05:11 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Bank of England governor welcomes Facebook Libra despite regulation concerns

Bank of England Governor Mark Carney.Policy Exchange/Flickr

Sun, 23 Jun 2019, 14:08 pm UTC

While what seems like the rest of the world’s financial regulators, both private and federal are expressing alarm over Facebook’s Libra, Mark Carney is taking the opposite stance. Instead, the governor of the Bank of England is welcoming the crypto-coin with open arms. In fact, he spent time during a speech to show just how much he believes the Facebook offer is a good idea.

In the Mansion House speech that Carney gave recently, he laid out his reasons for why he believes that Facebook’s product is worthy of his enthusiasm and support. He did add the caveat that he was not going to simply allow Mark Zuckerberg to walk through his bank’s doors with complete freedom. However, the UK official has certainly shown significantly more warmth to the idea compared to many other regulators.

“Libra, if it achieves its ambitions, would be systemically important. As such 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. Libra must also be a pro-competitive, open platform that new users can join on equal terms. In addition, authorities will need to consider carefully the implications of Libra for monetary and financial stability. Our citizens deserve no less,” Carney said.

This sentiment is in direct contrast to what many other officials in other countries have expressed, thus far. While there have been those who held a more reserved stance, there are also regulators calling for the rollout of Libra to be delayed until further investigations and study is conducted. A particular concern among governments is Libra’s potential to be its own sovereign currency, Finextra reports.

Suffice it to say, Carney is currently in the minority in terms of outlook regarding Libra. For the short-term. Facebook’s crypto offering is going to face a ton of scrutiny.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,405.00 (-1.12%)
  • Ethereum (ETH) $219.19 (-2.40%)
  • XRP (XRP) $0.318300 (-1.67%)
  • Litecoin (LTC) $96.26 (-4.55%)
  • Bitcoin Cash (BCH) $301.25 (-4.57%)
  • Bitcoin (BTC) $10,405.00 (-1.12%)
Jul 19, 2019 (Friday)
11:17
Crypto Technicals: XRP/USD grinds lower along 200H SMA, break below 5-DMA to see further weakness
11:12
Binance Jersey announces listing of GBP-backed stablecoin ‘BGBP’
10:32
Rape and sexual harassment case against bitcoin developer blows up
10:15
New Jersey accuses blockchain firm Pocketinns of selling $410K unregistered securities
09:59
Crypto Technicals: LTC/USD struggles at 110-EMA, bias bearish
09:58
Blockchain firm Algorand joins International Swaps and Derivatives Association
09:22
Neo, Ontology partner to develop blockchain interoperability protocol
07:35
Consumer advocates call on Libra partners to withdraw collectively from Facebook's crypto project
07:31
Apple's Steve Wozniak invests in blockchain-based energy efficiency firm 'Efforce' in Malta
07:28
Cryptocurrency exchange ErisX joins U.S. Chamber of Digital Commerce
07:26
LibertyX exceeds 1,000 bitcoin ATMs in the U.S. via new partnership
06:59
Blockchain interest dropping, DLT in trouble?
06:37
Waves founder launches Waves Enterprise to develop corporate blockchain solutions
06:03
IRS goes after cryptocurrency users misreporting transactions
05:05
Facebook's Libra, other cryptocurrencies pose risk of global economic destabilization: G7
04:42
Anchorage receives charter to open crypto custody shop in South Dakota
04:27
Bank of Thailand's DLT-focused Project Inthanon advances to Phase III
Jul 18, 2019 (Thursday)
11:52
MOBI launches first vehicle identity standard on blockchain
11:49
FATF approves Japan’s plan to establish global network for crypto payments: Report
11:13
Crypto Technicals: ETH/EUR downside pauses shy of 200-DMA, bullish divergence on intrday charts keeps scope for upside
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft