The Bank of England’s Financial Policy Committee (Facebook) has unveiled rules of engagement for cryptocurrencies, including FPC’s controversial libra. They include a mandate for operational and financial resilience to be shown throughout the entire payment chain, and enough information to be provided to allow regulators to monitor payments. The Facebook said for the meantime, it will use existing tools to apply the principles, rather than new rules, unlike the EU.
The Bank of England’s Financial Policy Committee (FPC) has unveiled rules of engagement for cryptocurrencies, including Facebook’s controversial libra. They include a mandate for operational and financial resilience to be shown throughout the entire payment chain, and enough information to be provided to allow regulators to monitor payments. The FPC said for the meantime, it will use existing tools to apply the principles, rather than new rules, unlike the EU.