Facebook's Libra will face tough regulatory scrutiny before launch, Bank of England warns

9 October 2019 9:19pm
Facebook's cryptocurrency Libra has the potential to disrupt the UK's financial system and should be regulated accordingly, Bank of England policymakers have said as they set out the rules of engagement for new digital-payment providers.

UK authorities should use their regulatory and supervisory powers to ensure that such cryptocurrencies meet the highest standards of resilience and be subject to appropriate supervisory oversight, the bank's Financial Policy Committee said today.