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Royal Bank of Scotland is in talks with Facebook about Libra

RBS Libra Facebook

The Royal Bank of Scotland (RBS) has recently held talks with representatives from Facebook about the implementation of the Libra project in the jurisdiction of the United Kingdom.

Based on the fact that RBS is one of the UK’s largest banks, it was a massive deal for Facebook to have the talks go down smoothly.

Although the bank does not rule out joining the Libra Association, it still is not making any commitments as it’s in the process of figuring out how to incorporate the project in its regulatory framework.

The United Kingdom banks have been quite welcoming towards Facebook’s Libra when compared to other financial institutions in the world.

The Bank of England has already shown its support where the governor mentioned he didn’t see any crippling issues with the project.

Another “supporter ” of the Libra project turned out to be the Swiss regulator, but supporter is a far fetched assumption as it hasn’t criticised it.

But, nowadays, if you’re not criticizing Libra, you’re most likely a supporter.

Nevertheless, Kevin Hanley, the head of innovation for RBS has mentioned that although the bank may not become the founding partner in the company by investing 10 million GBP, it’s still possible to have other avenues of collaboration.

For example, the bank is now looking at whether or not they could integrate the project into their foreign exchange sector.

Regardless though, RBS’s reaction to Libra is a breath of fresh air for most investors as nearly everybody has been picking Facebook apart about their crypto project.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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