Facebook cannot expect its new Libra currency to benefit from the same unregulat...
LONDON - 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 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. “Unlike social media ... the terms of engagement for innovations such as Libra must be adopted in advance of any launch.” An immediate aim would be to improve coordination between British financial regulators, according to extracts from his speech - something welcomed by industry trade bodies.
If Libra comes close to meeting Facebook’s ambitions, it would be a systematically important payment system which the BoE and financial regulators worldwide would take a keen interest in, Carney said. “Expanding access can improve the transmission of monetary policy and increase competition,” Carney said.
Carney also gave a date - 2021 - for when British financial institutions account for the risks of climate change in a ‘stress test’ of their finances.
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