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Tuesday, 25 June 2019

Global financial systems are not simply Facebook’s playground

Will financial regulators rein in Zuckerberg’s attempts to upend the global financial system? Mark Zuckerberg may have hoped that Facebook’s new cryptocurrency Libra would be subject to “only the lightest touch” of regulation, but he appears to have underestimated how seriously regulators take the prospect of a new global cryptocurrency, the Financial Times says (watch, runtime: 01:45). France is setting up a G7 task force to see how cryptocurrencies can be governed by regulations that will protect users. Bank of England Governor Mark Carney has said that Libra will be subject to the highest forms of regulation. And across the pond, regulators in the US have said they would need to see a lot more detail before deciding how stringently to regulate the cryptocurrency, having to date heard only vague outlines about the initiative.

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