Facebook’s new libra cryptocurrency could have genuine use cases

The head of the United Kingdom’s central bank has said Facebook’s new libra cryptocurrency could have genuine use cases if it can conform to regulatory demands, the Financial Times (FT) reported on June 18.

Speaking at a conference of central bankers in Portugal, Mark Carney, governor of the Bank of England (BoE), delivered mixed reviews of libra.

The in-house stablecoin for Facebook has sparked predictions of blanket bans by governments since developers unveiled it this week.

“The governor said the BoE was there to guarantee financial and monetary stability and would look at Facebook’s proposals ‘very closely and in a co-ordinated fashion at the level of the G7, the Bank of International Settlements, the Financial Stability Board and the IMF,’” the FT wrote.

Reference: https://cointelegraph.com/news/facebook-libra-cryptocurrency-has-its-uses-says-bank-of-england-governor

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