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Facebook's wave could face "highest standards" in the regulation: BoE Governor

Facebook's Libra-cryptocurrency payment initiative could be covered by the "highest standards" in global regulation, says Mark Carney, governor of the Bank of England.

According to a Financial Times report on Tuesday, Carney noted during a central bank meeting in Portugal that he is still an "open mind" with the help of Facebook's Libra cryptocurrency, admitting that worldwide payment systems are largely uneven right now.

But he stated that it would be inevitable for Facebook to face the highest

Carney added that the British central bank would review Facebook's crypto-planning plan "very close" and collaborate with global forces, including the G7 countries, the International Settlement Bank. , The International Monetary Fund as well as the Financial Stability Board, for which Carney served as a former chairman.

Based on the report, Carney also asked how Facebook could insure itself against money laundering while protecting users' data privacy.

Carney's comment came after Facebook revealed its long-term cryptocurrency initiative to create a global peer-to-peer payment network.

Such a move had drawn criticism from both home and abroad for the social media giant. Hours after its announcement on Tuesday, the financial regulators in Europe already expressed concerns about the possibility that Facebook's Libra became a shadow bank and asked for a closer look at the project.

A lawyer who led the Ministry of Foreign Affairs of the Ministry of Finance had also asked Facebook to stop the development of Libra until hearings could be held.

Carney image via Shutterstock

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