Mark Carney recognized the potential of Libra to solve some financial problems

Mark Carney recognized the potential of Libra to solve some financial problems

Bank of England Chairman Mark Carney (Mark Carney) stressed that society needs to recognize the problems that Facebook is trying to solve with the help of the Libra project.

“Domestic payments are too expensive. They are slow and it hurts consumers and businesses. They stifle innovation, and sending money across the border is even more expensive, it leads to big financial problems and spending. And while we ourselves are trying to solve this problem, we need to fully recognize it and that Facebook is trying to solve it, ”Carney said at a press conference.

At the same time, the Chairman of the Bank of England stressed that in order to be successful, such a big project as Libra should be almost perfect, at least from a security point of view, otherwise it is better not to release it at all.

“He will either succeed or not. But if successful, it will become systemic, as it will attract a huge number of users. And if you become a system payment service, the standards are initially the highest. You should always work, at any time of the day, and not have problems of growing up. You can’t let people lose money, ”said Carney.

He noted that Facebook will have to solve many more problems to launch Libra, including the main risks, asset management, and compliance with the requirements of regulators in the area of ​​combating money laundering and terrorist financing.

Read This Now:   Oil prices intensify the fall on fears for demand

Earlier, Carney expressed the opinion that at present the global payment systems are not ideal, and for the success of a cryptocurrency, Facebook is obliged to meet the “highest standards” in world regulation.