The Bank of England’s Financial Policy Committee has published a report describing the conditions that a Facebook cryptocurrency project must follow in order to gain access to the UK.
In the document, representatives of the British central bank called Libra a significant payment system, and believe that it should meet the highest standards of reliability and be controlled by an appropriate level. Therefore, one of the Bank of England condition is to gain access to it with the ability to monitor the payment chain.
The Committee also encourages other regulatory bodies to use their authority within the framework of the proposed guidelines. Since the document says that due to the availability of a stablecoin currency support package, validators, exchanges and wallets should also be checked.
According to the Bank of England experts, the security of the system offered by Libra will depend not only on the reliability of the basic mechanisms of its operation, but also on the companies associated with it.