Bank Of England Governer Says Facebook Libra Crypto Has Its Uses

The United Kingdom’s central bank governor recently stated that Facebook’s upcoming Libra cryptocurrency project could have actual use cases if it can adhere to regulatory demands, as per a report published by the Financial Times on June 18.

Mark Carney, governor of the bank of England (BoE) recently gave mixed reviews about Libra when delivering a keynote speech at a conference of central banks in Portugal.

Facebook’s forthcoming stablecoin has garnered predictions that governments might implement blanket bans on the currency since it was unveiled by developers earlier this week.

As per the Financial Times report:

“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 coordinated fashion at the level of the G7, the Bank of International Settlements, the Financial Stability Board and the IMF.”

Carney further argued that a liberal stance to Libra could still prevail before Facebook quells the fears of regulatory bodies. However, this might suffice for some, as U.S lawmakers have already set demands for the company to cease development completely, until such a time where discussions are conducted between the social media giant and regulators.

Maxine Walters, congresswoman and Chairwoman of the House Financial Services Committee stated:

“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action. Facebook executives should also come before the Committee to provide testimony on these issues.”

Carney, on the other hand, predicts that Libra will gain traction in nations such as the U.S. in part since the informal movement of diminutive amounts of funds is both costly and slow.

Facebook’s upcoming Libra crypto is set to the first product in what is predicted to be a series of digital asset products; however, Facebook is yet to divulge any further information.