BoE's Carney says keeping open mind on Facebook's Libra

SINTRA, Portugal (Reuters) - Bank of England governor Mark Carney has said he is keeping an 'open mind' on the potential utility of Facebook's planned cryptocurrency, but warned it may face strict regulation if it takes off. "Anything that works in this world, will become instantly systemic and will have to be subject to the highest standards of regulations," he said at a conference organised by the European Central Bank in Portugal.

BoEs Carney says keeping open mind on Facebooks Libra

SINTRA, Portugal (Reuters) - Bank of England governor Mark Carney has said he is keeping an 'open mind' on the potential utility of Facebook's planned cryptocurrency, but warned it may face strict regulation if it takes off.

"Anything that works in this world, will become instantly systemic and will have to be subject to the highest standards of regulations," he said at a conference organised by the European Central Bank in Portugal.

He said regulators would have to look at such currencies' "operational resilience" and their anti-money laundering and counter-terrorist financing procedures.

Carney met Facebook founder Mark Zuckerberg earlier this year.

Facebook unveiled details of its plans for Libra on Tuesday.

(Reporting by Balazs Koranyi; Writing by Rachel Armstrong, editing by Huw Jones)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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