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BoE warns Facebook, Libra not to expect unregulated free-for-all
- Thursday | 20th June, 2019
LONDON (Reuters) – Facebook cannot expect its new Libra currency to benefit from the same unregulated free-for-all that helped the company achieve a dominant position in social media, Bank of England Governor Mark Carney said on Thursday. The US social media company drew worldwide interest earlier this week when it announced plans to establish its own payment system, backed up by a currency it calls Libra. “The Bank of England approaches Libra with an open mind but not an open door,” Carney says in a speech he will give in the heart of London’s financial district. If Libra comes close to meeting Facebook’s ambitions, it would be a systemically important payment system which the BoE and financial regulators worldwide would take a keen interest in, Carney said. Britain’s government recently announced the aim of making the country carbon-neutral by 2050, the first G7 country to do so.
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