The governor of the Bank of England says that it is necessary to analyze Crypto Libra on Facebook, it will be under the microscope

Facebook’s Libra cryptocurrency payment initiative could be subject to the “highest standards” in global regulation, said Mark Carney, the governor of the Bank of England.

According to a Financial Times report published on Tuesday, Carney made observations during a meeting of the Central Bank in Portugal, he mentioned that he continues to have an “open mind” about the utility of the cryptocurrency, Libra created by Facebook, admitting that the global payment systems They are very unequal at this time.

However, he said that it would be inevitable that Facebook meets the highest standards of regulation if it managed to register users.

Carney added that the UK Central Bank will analyze Facebook’s cryptographic payment plan “very closely” and will collaborate with global forces, including the G7 countries, the Bank for International Settlements, the International Monetary Fund and the Stability Board. Financial, for which Carney acted as a former member.

Based on the report, Carney also raised questions about how Facebook could ensure anti-money laundering measures while protecting the privacy of user data.

Carney’s comment came after Facebook revealed its expected cryptocurrency initiative in an effort to build a global peer-to-peer payments network.

Such a movement had generated criticism both at home and abroad for the social media giant. Hours after its announcement on Tuesday, financial regulators in Europe have already expressed concern about the possibility that Libra from Facebook will become a shadow bank and called for a closer examination of the project.

This is contrasted with the practice of the Central Banks, which reproduce money from nothing, the users of each country pay with high tax rates and inflation, which is the most perverse tax for citizens, it is shown that the financial industry has a patent of privateering to generate debts in the countries, which finance bureaucracy and bad management. The traditional financial industry does not want to lose the hegemony of creating money from nothing.

A legislator who heads the Financial Services Committee of the House of Representatives of the United States even asked Facebook to suspend the development of Libra for the time being until the hearings are held.

In this sense, great political problems are initiated, to try to stop initiatives to improve the possibilities of exchanging peer-to-peer value, in the case of blockchain-bitcoin technology, they have not been able to do it, because there is no visible head to pursue, its creator disappeared is not locatable and its author is not found, the traditional finances, will make use of all their power to stop any initiative that tends to lower the costs of the transactions of the users, that in a wealth that traditional banks do not want to lose. It is waiting for new announcements.

Reference: coindesk.com

Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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