Part 2: Bank Of England + Libra, Bitcoin Moving Up & AltCoins Surge
The Bank of England’s Financial Policy Committee has published a report describing the conditions that Facebook’s cryptocurrency project must accept in order to gain access to the UK.
In the document, representatives of the British central bank call Libra a significant payment system, and believe that it must meet the highest reliability standards and be controlled at the appropriate level. Therefore, one of the conditions of the Bank of England is to gain access to it from the ability to follow the payment chain.
The Committee also encourages other regulatory bodies to use their powers within the proposed guidelines. Since the document says that due to the presence of the stablecoin currency backing package, validators, exchanges and wallets must also be subject to verification.
According to experts from the Bank of England, the security of the system offered by Libra will depend not only on the reliability of the main mechanisms of its operation, but also on the companies associated with it..
The UK is already ready to make concessions, but France and Germany are still strongly opposed to the admission of Facebook cryptocurrency to the European Union.
text: Ivan Malichenko, photo: assets.bwbx