Bank of England to hold Libra to ‘strict’ standards

October 10, 2019 | Blockchain
Written by FinTech Alliance
Bank of England to hold Libra to ‘strict’ standards

Facebook’s digital token project, Libra, must meet high standards to launch in Britain, says the bank of England.

In Brief:

  • The country’s central bank has emphasises its stance to Facebook this week.

  • The bank says that the currency does have the potential to be “systemically important” to the finance system.

  • It added that digital wallets will need to be as secure as traditional bank accounts.

What does this mean?

The bank made the warning as part of its quarterly FPC assessment, and emphasised that digital currencies must be treated the same as traditional currencies.

Read more here.

 

 

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