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Facebook scales can meet the highest regulatory standards: BoE manager



The Crypto-Currency Payments Initiative on Facebook may be subject to "the highest standards" in global regulation, said Mark Carney, managing director of the Bank of England. a bank meeting in Portugal that he remains "open minded" about the usefulness of Facebook's Libra crypto, recognizing that currently global payment systems are largely uneven.

Carney added that the UK central bank will closely monitor Facebook's cryptic payments plan and will cooperate with world powers, including the G7, the Bank for International Settlements, the International Monetary Fund and the Financial Council stability, for which Carney serves as a former chairman.

Based on the report, Carney also has the question of how Facebook will be able to ensure anti-money laundering measures while protecting consumer privacy.

Such a move was triggered by criticism from the country and abroad for the giant social media. Hours after their announcement Tuesday, financial regulators in Europe have already voiced concern over the possibility that Facebook's Libra may become a shadow bank and demand a closer look at the project. asked Facebook to stop Libra's development for the moment until hearings were held.

Karein through Shutterstock


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