September 19, 2020

Bank of England named the conditions on which Libra is ready to accept

Bank of England named the conditions on which Libra is ready to accept

The Bank of England Financial Policy Committee has published a report describing the conditions that a Facebook cryptocurrency project must accept in order to gain access to the UK.

In the document, representatives of the Britishthe central bank is called Libra a significant payment system, and they believe that it must meet the highest standards of reliability and be controlled by an appropriate level. Therefore, one of the conditions of the Bank of England is to gain access to it with the ability to monitor the payment chain.

Committee also encourages other regulatory bodies to usetheir authority under the proposed guidelines. Since the document says that due to the availability of a stablecoin currency support package, validators, exchanges and wallets should also be checked.

According to experts of the Bank of England, the security of the system offered by Libra will depend not only on the reliability of the basic mechanisms of its operation, but also on the companies associated with it.

The UK is ready to make concessions, but France and Germany are still categorically against Facebook admitting the cryptocurrency to the European Union.

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