Bitcoin
$ 30,018.00 2.50%
Ethereum
$ 1,996.98 0.84%
Solana
$ 51.76 0.21%
Dogecoin
$ 0.086639 0.52%
ApeCoin
$ 7.93 1.90%
STEPN
$ 1.45 2.68%
Terra
$ 0.000141 17.83%

Bank of England takes hopeful, optimistic approach towards Libra

bitcoin 3890350 1280 1000x667

The Bank of England appears to be adopting a more optimistic stance on Facebook’s controversial crypto initiative. Mark Carney, Governor of the Bank of England indicated that he would be willing to be ‘open minded’ over the social media corporation’s digital currency. Despite this, he says, the new project could face stringent regulatory oversight.

The United Kingdom has long maintained a more cautions and restrictive approach towards the broader digital currency market. According to the Bank of England, although the Libra coin could penetrate the British market with greater ease, Facebook would still need to maintain high standards of operation and conduct over the said initiative.

According to a quote from the Governor, “anything that works in this world will become instantly systemic and will have to be subject to the highest standards of regulation.”

This indicates that the bank is still open to implementing tighter regulatory checks against digital currency. The statements also reflect a need for a unified and global approach towards digital currency regulation.

The Libra has been embroiled in controversy since its announcement, although there are some that believe the currency could help to embellish the digital currency realm.

The American Senate is scheduled to hold a hearing over the Libra coin on the 16th of July.

Meanwhile, the UK and the European Union have also been moving towards implanting regulations over the initiative. France has been mulling the creation of a ‘G7 crypto task force’ to oversee cryptocurrency regulation.

Siranjeev Santhanam

Siranjeev Santhanam

Siranjeev has been involved in content development and professional writing for over five years now. He's worked with tech firms, digital management companies and news outlets. Cryptocurrency has occupied one of his top interests for a few years now, and he's really passionate about this booming new sector.

Related News

Hot Stories

Seth Green loses his 4 NFTs in a Phishing scam; begs not to buy them.
Dogecoin price analysis: DOGE/USD set to break above the daily resistance
Bitcoin, Ethereum, Dogecoin, and Polkadot Daily Price Analyses – 18 May Roundup
Mike Novogratz preaches humility in investments and keeps his LUNA tattoo 
Bitcoin, Ethereum, Shiba Inu, and FTX Token Daily Price Analyses – 19 May Roundup

Follow Us

Industry News

Gabe Plotkin's hedge fund Melvin Capital shut its doors this week
CFTC indicts 2 men for running a $44M crypto Ponzi scheme
Goldman Sachs: crypto crash has little effect on the US economy
Commonwealth bank halts crypto pilot program
Mike Novogratz preaches humility in investments and keeps his LUNA tattoo