Facebook's Libra Faces Tough Scrutiny Ahead Of UK Launch

Law360, London (October 9, 2019, 1:58 PM BST) -- The Bank of England warned Facebook on Wednesday that its digital currency could become systemically important and will face tough regulatory scrutiny ahead of its planned launch in 2020.

Facebook's Libra digital currency could come under the microscope of regulators before it can be used in the U.K., the Bank of England warned. The central bank said the social media giant and other digital payment providers will have to meet “rules of engagement” before they can set up in the U.K., according to minutes from the latest Financial Policy Committee meeting.

“Libra has the potential to become a systemically important payment...

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