The Bank of England set out the rules of engagement that Facebook's Libra c...
LONDON, - The Bank of England set out the rules of engagement that Facebook’s Libra crypto-currency and other new digital payments providers would have to meet before they can open for business in Britain.
“The terms of engagement for innovations such as Libra must be adopted in advance of any launch,” the FPC said in a statement. “UK authorities should use their powers accordingly.” So-called wallets for crypto-payments are akin to bank accounts that are subject to a welter of rules, such as deposit insurance, liquidity and capital requirements.
The FPC also said it will set out in December changes it would like to see in so-called open ended funds following a review by the Bank and the Financial Conduct Authority.
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