BOE’s Carney Defends Libra Concept as He Warns on Regulation

Bank of England Governor Mark Carney has defended the concept behind new crypto currencies like the Facebook Inc.-led Libra.

Asked by lawmakers in London Tuesday why firms like the social media company should be getting involved in such projects given the associated risks, Carney pointed to the shortcomings of existing payments systems. He said the high costs of moving money across borders are penalizing, especially small, businesses, and that debit payments can cost firms as much as 200 basis points per transaction and take too long.