LONDON: Major central banks and regulators will want oversight of Facebook鈥檚 proposed new currency and payment system, Libra, to ensure it is safe and does not allow money laundering or finance terrorism, Bank of England Governor Mark Carney said.
鈥淚t has to be safe, or it鈥檚 not going to happen,鈥� Carney told the BBC in an interview broadcast on Friday. 鈥淲e, the Fed, all the major global central banks and supervisors, would have direct regulatory (oversight).鈥�
Britain鈥檚 Financial Conduct Authority 鈥� responsible for consumer protection and anti-money laundering 鈥� would also have a major supervisory role to play, Carney added.
Carney said on Thursday that Facebook cannot expect its new Libra currency to benefit from the same unregulated free-for-all that helped the company achieve a dominant position in social media.