Bank of England issues requirements for launching Libra in UK

The Central Bank of Great Britain has released the final version of the requirements and principles that Libra must comply with in order to operate in the country.

Bank of England officials called Libra “a systemically important payment system,” and therefore the UK Central Bank needs to be able to track payment chain information.

“The Bank of England Financial Policy Committee believes that such a system should meet the highest standards and be subject to appropriate regulatory oversight,” the report said.

The Bank of England emphasized that all members of the Libra Association should also be subject to strict supervision. In addition, the regulator will monitor exchanges that add the ability to trade stablecoin to their sites and compatible wallets:

“The stability of Libra depends not only on the stability of the Association members and the company’s reserve fund, but also on the actions of other organizations. We are talking about validators, exchanges and wallet developers. This further emphasizes the need for end-to-end system stability. ”

At the end of September, ECB board member Benoit Coeure stated that the Libra project could both solve many problems in the field of international payments and create new difficulties.