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Bank of England sets out rules of engagement for Facebook’s Libra
The Bank of England (BoE) had set out rules of engagement that Facebook’s cryptocurrency, Libra and other digital payment providers would meet before they can operate in Britain.
The BoE’s Financial Policy Committee added that Britain’s banks along with its financial system were fully prepared for a worst-case Brexit although a disruption for borrowers in the EU may occur.
“The terms of engagement for innovations such as Libra must be adopted in advance of any launch,” the FPC said in a statement. “UK authorities should use their powers accordingly.”
The principles include a requirement for the entire payment chain to show its operational and financial resilience and provide enough information for regulators to monitor payments.
The Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...
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Major Japanese banks saw record demand for the corporate loans that were offered since April as the COVID-19 pandemic continues to have companies rushing in to build up cash reserves, according to a central bank survey on Friday. The figures ...
On Thursday, the European Court of Justice (ECJ) rejected the validity of the data transfer mechanism used by the European Union and the United States which could facilitate the transfer of data from both countries. The data transfer tool ...
May had seen Japan’s household spending declining at its most rapid pace. This drove the world’s third-biggest economy further into decline as consumers heeded authorities’ mandate of staying at home to contain the novel ...
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