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Bank of England Governor Says Facebook's Libra Crypto Will Be Scrutinized

Facebook's Libra cryptocurrency could be subject to the "highest standards" in global regulations, said Bank of England governor Mark Carney.

Автор Wolfie Zhao
Обновлено 13 сент. 2021 г., 9:19 a.m. Опубликовано 19 июн. 2019 г., 7:30 a.m. Переведено ИИ
Mark carney

Facebook's Libra cryptocurrency payments initiative could be subject to the "highest standards" in global regulation, said Mark Carney, the governor of the Bank of England.

According to a Financial Times report on Tuesday, Carney noted during a central bank meeting in Portugal that he remains "open minded" on the utility of Facebook's Libra cryptocurrency, admitting that worldwide payments systems are largely unequal at the moment.

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However, he stated that it would be inevitable for Facebook to meet the highest standards of regulation should it succeeded in signing up users.

Carney added the U.K. central bank would scrutinize Facebook's crypto payments plan "very closely" and will collaborate with global forces including G7 countries, the Bank of International Settlements, the International Monetary Fund as well as the Financial Stability Board, for which Carney served as a former chair.

Based on the report, Carney also raised questions on how Facebook would be able to ensure anti-money laundering measures while protecting users' data privacy.

Carney's comment came after Facebook revealed its long-anticipated cryptocurrency initiative in an effort to build a global peer-to-peer payments network.

Such move had drawn criticism from both home and abroad for the social media giant. Hours following its announcement on Tuesday, financial regulators in Europe already voiced concerns over the possibility of Facebook's Libra becoming a shadow bank and asked for closer scrutiny over the project.

A lawmaker that heads the U.S. House of Representatives Financial Services Committee had even asked Facebook to halt the development of Libra for the time being until hearings could be held.

Carney image via Shutterstock

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KuCoin Hits Record Market Share as 2025 Volumes Outpace Crypto Market

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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.

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  • KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
  • This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
  • Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
  • Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
  • Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.

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Here’s why bitcoin’s is failing its role as a 'safe haven' versus gold

Here’s why bitcoin’s is failing its role as a 'safe haven'

Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash.

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  • During recent geopolitical tensions, Bitcoin lost 6.6% of its value, while gold rose 8.6%, demonstrating bitcoin's vulnerability in times of market stress.
  • Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash, contrary to its reputation as a stable digital asset.
  • Gold remains the preferred hedge for short-term risks, while bitcoin is better suited for long-term monetary and geopolitical uncertainties that unfold over years.