• Wed, 20 Nov 2019, 03:10 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) $8,168.18 (+0.02%)
  • Ethereum (ETH) $177.41 (+0.55%)
  • XRP (XRP) $0.253900 (+1.32%)
  • Bitcoin Cash (BCH) $245.18 (+1.79%)
  • Litecoin (LTC) $55.80 (+0.39%)
  • Bitcoin (BTC) $8,168.18 (+0.02%)
Nov 20, 2019 (Wednesday)
12:47
MAS launches consultation on allowing crypto derivatives trading on approved exchanges
11:49
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:49
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:22
Chinese firms HDFH, ZVCA and Yillion Bank launch $1B blockchain investment fund
11:20
Crypto Technicals: IOT/USD breaks trendline support, little support till 0.2200
10:38
Crypto Technicals: XRP/USD fails to hold break above 5-DMA, momentum strongly bearish
10:22
Grayscale Bitcoin Trust aims to become first reporting company under the SEC
10:04
Lamborghini taps Salesforce Blockchain for authenticating heritage cars
09:11
Tokenized security startup acquires $5M funding from Tokai Tokyo; To launch its services in early 2020
08:55
Anti-money laundering law will be applied on stablecoins regardless of what’s backing it, says FinCEN
08:47
Crypto Technicals: LTC/USD pauses downside, recovery lacks traction, more weakness on charts
07:22
Libra member Bison Trails secures $25M in Series A funding; More product announcements slated for 2020
07:18
SABB, HSBC execute blockchain-based trade transaction between Saudi Arabia and Bahrain
06:43
Deutsche Börse, Swisscom settle securities transactions using tokenized assets and different DLT protocols
06:17
Crypto Technicals: ETH/USD holds cloud support, break below will see further downside
05:39
CA$16M client funds of Einstein Exchange reduced to CA$45,000 in ‘hard assets,’ interim receiver reported
05:26
Galaxy Digital launches two bitcoin funds with Bakkt and Fidelity Digital Assets as custodians
04:37
Crypto Technicals: BTC/USD holds above 55W EMA (7952), 'Hammer' formation raises scope for minor recovery
04:21
Fidelity Digital Assets gets approval to offer crypto custodial services in Empire state
03:57
Crypto risk assessment platform secures $4.9M funding with PayPal leading the charge
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft