President Donald Trump recently said that social media giant would need a banking charter to operate the currency.
needs a banking license to operate its digital currency should be decided by regulators and not lawmakers, according to Philip Hammond, Britain's outgoing finance minister.
The social network's digital token is being launched as a solution for the number of people in the world currently operating without access to banking services. It is also viewed as a potential money maker for Facebook who would likely compete with the multi-billion-dollar remittance market. "That is an issue for the regulators. We have an independent regulatory system as you do and that is essentially an issue for the regulators to determine, not for politicians to determine," said Hammond.
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