Bank of England sets out rules of engagement for Facebook’s Libra

117730

Bank of England sets out rules of engagement for Facebook’s Libra

The Bank of England (BoE) had set out rules of engagement that Facebook’s cryptocurrency, Libra and other digital payment providers would meet before they can operate in Britain.

The BoE’s Financial Policy Committee added that Britain’s banks along with its financial system were fully prepared for a worst-case Brexit although a disruption for borrowers in the EU may occur.

“The terms of engagement for innovations such as Libra must be adopted in advance of any launch,” the FPC said in a statement. “UK authorities should use their powers accordingly.”

The principles include a requirement for the entire payment chain to show its operational and financial resilience and provide enough information for regulators to monitor payments.

The information and recommendations contained in this analytical document are published strictly for information purposes and are not considered as an offer to buy or sell the trading tools mentioned above and are not intended to motivate to perform certain transactions
Something went wrong
Message: