Bank of England Warns Finance Firms Over Crypto Risks
A Bank of England official has warned banks and other financial firms about exposure to cryptocurrency-related assets in a letter.
The central bank has finalized principles the Facebook-led cryptocurrency project must adopt before a U.K. launch.
The ex-official pushed back at a suggestion from the chief of the Bank of England that a Libra-like crypto should replace USD in global markets.
The working group will pool research into CBDCs.
Facebook's Libra cryptocurrency could be subject to the "highest standards" in global regulations, said Bank of England governor Mark Carney.
The Bank of England confirmed it is going to update its Real-Time Gross Settlement system to potentially interact with blockchain-based forms.