The Financial Policy Committee (FPC) of the Bank of England has just unveiled the requirements that Libra, Facebook's stablecoin, must meet to be legally launched in the country.
According to its latest report, which was published yesterday:
"Libra has the potential to become a systemically important payment system," it "would need to meet the highest standards of resilience and be subject to appropriate supervisory oversight...".
The Committee requires payment systems like Libra to make sure "sufficient information is available to monitor payments activities" in order to identify and address emerging risks to the financial stability of these systems.
Most importantly, according to the report, all these requirements must be met before any launch takes place. Otherwise, the country's central bank will take all the necessary measures to ensure these regulations are met.
The finance ministers of Germany and France have recently expressed their concerns regarding Libra, stating they will not authorize the launch of Facebook's stablecoin on European soil due to the fact that it could threat the sovereignty of national currencies.
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