The new DEFI platform enters the market! Earn passively - token sale 0.25 $ I'm going in!

Libra Supported By the Bank of England

3 min reading

Numerous countries and institutions are voicing their critical opinions about Libra more and more loudly. Great Britain, however, seems to have a different view on this topic.

Banking sector support

The head of the British central bank, Mark Carney, believes that Facebook clearly has the right to create its own cryptocurrency. He pointed out numerous disadvantages of the existing traditional financial system. Because of the fact that there is a growing number of faults in the payment sphere, Facebook together with an entire Libra Association should be involved in these types of projects.

Above all, Carney criticizes the high transaction costs, arguing that they are hurtful to small and medium-sized enterprises. Apart from the costs alone, he noticed the time of their realisation, which is too slow. In an interview with the Canadian site TheStar Carney says:

"That’s not good enough in this day and age. Those payments should be instantaneous, it should be the same as us exchanging a banknote online. It should be virtually costless and it should be 100 per cent resilient."

Regulations are a must

Mark Carney emphasizes that the above problems can be solved in many ways. It should be essential at the moment to move a level up in international payments in order for it to meet the current standards of countries recognized as important in the world. In many countries, as he highlights, the efforts are being made in this direction.

Legal issues, nevertheless, must not be forgotten. Facebook has been repeatedly criticized for wanting to play the role of a bank, and thus, shaking the banking sector. Carney warns that corporations wanting to solve this problem will have to face a harsh criticizm by state institutions:

"In terms of how this will proceed or not going forward, this will not be like social media. This will not be a case where something gets up and starts running and the system tries to work out after the fact how it’s regulated.  It’s either going to be regulated properly, overseen properly, or it’s not going to happen."

Currency Exchange rate Buy cryptocurrency

Buy crypto now

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Lushup Holdings FZ LEE. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Lushup Holdings FZ LEE, Fujairah - Creative Tower, P.O.Box 4422 Fujairah, United Arabs Emirates.

The full document to read the Tokeneo privacy policy is available in this document.

Advanced settings can be changed in your browser.