Bank of England Governor Says Facebook Crypto Will Face Highest Standards of Regulation
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June 18, 2019
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Governor of the Bank of England, Mark Carney, believes Facebook's Libra digital asset will definitely face the highest standards of regulation, Bloomberg reports.

Previously Facebook presented its own digital asset called Libra that operates on the blockchain technology. Calibra digital wallet will operate independently of Facebook, therefore, it will be released as an independent app for iOS and Android operating systems. However, it will also be integrated into Facebook, WhatsApp and Messenger.

"Anything that works in this world will become instantly systemic and will have to be subject to the highest standards of regulation. We will look at it very closely and in a coordinated fashion at the level of the G-7, the BIS, the FSB and the IMF. So open mind, but not open door," Carney highlighted.

Last year, the Bank of England published a working paper on the possible risks and financial stability of central bank digital currencies (CBDCs). The paper constructs three models, each with a different set of sectors that have access to the CBDC.

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