FCA Says It Will Take A Long Look At Facebook's Libra

Law360, London (July 3, 2019, 4:52 PM BST) -- One of the U.K.’s most senior regulators has warned Facebook that its plans for a global cryptocurrency will face intense scrutiny from governments around the world, and said technology companies will be prevented from cutting corners when they introduce innovations to financial markets.

The social media giant has announced plans to launch Libra in 2020, allowing billions of Facebook Inc. users to make purchases and financial transactions around the world — and potentially challenging the international banking system. But regulators immediately raised concerns about consumer protection and privacy.

Christopher Woolard, a director at the Financial Conduct Authority, highlighted a series of...

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