Fun

Bank of England Sets Out Rules for Libra Launch in the UK

News Feed - 2019-10-09 11:10:14

The Bank of England has finalized a set of principles the Facebook-led Libra cryptocurrency project must adopt before going live in the UK.


Calling the payment network a potentially “systemically important payment system,” the BoE’s Financial Policy Committee released the October Financial Policy and Summary report this week.


“The FPC judges that such a system would need to meet the highest standards of resilience and be subject to appropriate supervisory oversight,” the committee says in the policy summary.


Significantly, the BoE says it needs access to be able to monitor payment chain information as one of its conditions. The FPC is calling on regulators to use “their powers accordingly” in light of the published principles.


The Libra Association and corresponding reserve of various fiat currencies underpinning the network are of prime importance, a more detailed document continues. Network participants, exchanges listing the Libra coin, and Libra-compatible wallets will also fall under scrutiny.


The committee states: “The resilience of the proposed Libra system would rely on the stability of not just the core elements of the Libra Association and Libra Reserve but also the associated critical activities conducted by other firms in the Libra ecosystem such as validators, exchanges or wallet providers. This emphasised the need to ensure end-to-end resilience.”


Similar standards for Libra’s launch were discussed by the EU Commission’s finance minister nominee earlier this week. In his hearing, minister Olaf Scholz said the EU would create a regulatory framework for the payment network under his tenure.


Bank of England image via Shutterstock

News Feed

Idaho Warns of Crypto Scams Promising 80% Returns Every 24 Hours
Idaho Warns of Crypto Scams Promising 80% Returns Every 24 Hours The finance department of the U.S. state of Idaho has warned investors of a series of cryptocurrency scams promisin
Bank of Japan Intervenes in Foreign Exchange Markets After Yen Slips to 24-Year Low
Bank of Japan Intervenes in Foreign Exchange Markets After Yen Slips to 24-Year Low While the greenback has been rising higher, the Japanese yen tapped a 24-year low and Japan deci
Terra Protocol Reaches Maximum Issuance of UST Daily, LFG Foundation Steps In
Terra Protocol Reaches Maximum Issuance of UST Daily, LFG Foundation Steps In Terra, one of the top 10 cryptocurrency projects by market cap, has reached a UST-related milestone re
An African Perspective on Why the World Needs Cryptocurrencies
An African Perspective on Why the World Needs Cryptocurrencies Rising cryptocurrency use in Africa over the past few years has not only shown that digital currencies are now a vita
JPMorgan’s Onyx to industrialize blockchain PoCs from Project Guardian
Ana Paula Pereira9 hours agoJPMorgan’s Onyx to industrialize blockchain PoCs from Project GuardianTraditional firms like JPMorgan and WisdomTree are seeking to turn Project Guardian’s blockchain proofs-of-concept int
Crypto phishing attacks reached ‘alarming levels’ — CertiK co-founder
Ezra Reguerra11 hours agoCrypto phishing attacks reached ‘alarming levels’ — CertiK co-founderCertiK co-founder Ronghui Gu urged the community to “proactively prepare” for cyberattacks as the crypto market grow
Swiss Savers View Cryptocurrencies as Option, Now That Bank Accounts Don’t Save Them From Inflation
Swiss Savers View Cryptocurrencies as Option, Now That Bank Accounts Don’t Save Them From Inflation Cryptocurrencies are gradually becoming a viable alternative for savers in S
Brayden Lindrea4 hours agoFTX customers could get $9B shortfall claim payout by mid-2024A proposed settlement could see creditors receive a shortfall claim of $8.9 billion for FTX.com and $166 million for FTX.US.2038 Tot
Savannah Fortis10 hours agoMicrosoft-owned LinkedIn releases AI-powered assistant for job recruitersLinkedIn plans to pilot a new AI-powered assistant aimed at recruiters searching for job candidates and will also releas
Crypto Policy: Kenyan Senate Ready to Engage Central Bank
Crypto Policy: Kenyan Senate Ready to Engage Central Bank The Kenyan Senate’s Information, Communication and Technology committee has said it is ready to engage the Central B
India Freezes Additional Bitcoin Amid Mobile Gaming App Investigation
India Freezes Additional Bitcoin Amid Mobile Gaming App Investigation India’s Enforcement Directorate (ED) says it has frozen 44.5 more bitcoins as part of an ongoing money
Softbank CEO says company’s purpose is to create ‘artificial super intelligence’
Tristan GreeneJun 22, 2024Softbank CEO says company’s purpose is to create ‘artificial super intelligence’Billionaire finance mogul Masayoshi Son also said that AI will be 10,000 times smarter than humans by 2035.5