New Facebook Currency Faces Heavy Global Regulation: BoE

Law360, London (June 21, 2019, 5:59 PM BST) -- The head of the Bank of England has welcomed Facebook’s new global currency but warned Thursday evening the social media giant’s planned digital asset could face heavy regulation to protect the financial system and ward against data privacy and money laundering risks.

In a speech to senior political and financial market figures, BoE Governor Mark Carney said England’s central bank is approaching Libra, Facebook’s new digital token, with an “open mind but not an open door.”

Carney said the proposed new currency and payment system could not expect to benefit from reactive standards applied to social media platforms that are “debated...

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