In its strongest statement to date over Facebook’s plans, the BoE on Tuesday said that Libra had the potential to be a “systemically important” payment system, and that it needed to be regulated as such. Facebook’s heft and popularity around the world means that its plans to offer a digital coin have caught the attention of policymakers, regulators and politicians. The BoE’s Financial Policy Committee, which is responsible for spotting and mitigating threats to the UK’s financial stability, pledged that regulators would look at the actual functions of Libra and other payments companies, and seek to apply traditional regulations to them. Read More...
In its strongest statement to date over Facebook’s plans, the BoE on Tuesday said that Libra had the potential to be a “systemically important” payment system, and that it needed to be regulated as such. Facebook’s heft and popularity around the world means that its plans to offer a digital coin have caught the attention of policymakers, regulators and politicians. The BoE’s Financial Policy Committee, which is responsible for spotting and mitigating threats to the UK’s financial stability, pledged that regulators would look at the actual functions of Libra and other payments companies, and seek to apply traditional regulations to them.
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