Cryptocurrencies
Facebook’s Cryptocurrency Has U.K. Regulators Joining Forces
- Libra has ‘the potential to be extremely significant’
- FCA’s Bailey joins with Treasury, BOE to consider the issues
Mark Carney
Photographer: Matthew Lloyd/BloombergThis article is for subscribers only.
The U.K.’s three main financial regulators are working together on how best to respond to Facebook Inc.’s push into financial services.
The Financial Conduct Authority, Bank of England and U.K. Treasury are collaborating because the Libra cryptocurrency venture “touches on all three of us,’’ said Andrew Bailey, chief executive officer of the FCA. Libra, which will be managed by an association of 28 partners, will launch as soon as next year and allow Facebook users to send money to individuals or businesses via its Messenger and WhatsApp services.