UK Regulator Latest to Grill Project Libra

UK Regulator Latest to Grill Project Libra

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

A senior official of the UK’s leading financial watchdogs have hinted that Project Libra may not get the seamless implementation it may have hoped for.

It seems since the release of it’s white paper, Project Libra’s fortunes have been very varied. Many exchange platforms, such as Binance and Shapeshift, have been eager to put their support behind the concept. Including, most recently Bitmex’s CEO, Arthur Hayes, who stated this week that Facebook’s Libra has the potential “destroy commercial and central banks.”

However, perhaps due to this very reason stated by Hayes, governmental institutions have been less forthcoming to support the coin. Russia are supposedly said to be ready to illegalise it immediately, with the USA, Australia and France also having doubts.

It seems that the UK are the latest to join that list of dubious parties. This is if we are to believe Christopher Woolard, the executive director of strategy and competition of the Financial Conduct Authority (FCA), the top financial watchdog of the UK. During a speech at Cambridge University this week, he raised some doubts about whether the new stablecoin will be welcomed into the financial landscape with no questions asked.

He stated that “It is crucial that we also think about the reality – the technical details, the technology; and the legal position,” of Libra. He notes several reasons for his concern citing Facebook’s controversial track record and the concept of “move fast and break things” that the company has had at its core, explaining that the issues around Libra “require deep thought and detail.”  

His concerns stem from the possibility that the introduction of Project Libra may damage the competitive elements of the market and explained that appropriate precautions may need to be put in place to prevent the market from being exploited. This will not be seen as a positive for the team at Libra, who had previously been in talks with the FCA and had presumedly believed that their transition into the UK would be a straightforward one.

Recently Similar News

Latest Guides

Latest News

Blockchain,Changelly,Cryptocurrency,Exchange Platforms

Changelly Adds Ardor, Ignis, and NXT to Changelly PRO

Changelly, the online cryptocurrency exchanges, has added three more tradable assets to their Changelly PRO platform. Changelly, the large online crypto exchange, has recently added an additional three cryptocurrencies to their Changelly PRO platform, Ardor, Ignis, and NXT. All three tokens developed by Jelurida will be tradable against BTC as ARDR/BTC, IGNIS/BTC, and NXT/BTC. Jelurida […]

6 November, 2020
Crypto Wallets,Exchange Platforms,Kraken,Ledger

Ledger Phishing Scam is Targeting Crypto Wallet Users

Ledger, the cryptocurrency wallet company, has been massively affected by a data breach and phishing scam. Ledger, the world renowned cryptocurrency hardware wallet producer, is facing a lot of problems with a data breach that is being used to target their customers. Kraken Intelligence, the intelligence arm of the Kraken cryptocurrency exchange, analyzes this data […]

5 November, 2020

Ethereum on Track to be First Blockchain To Process $1 Trillion In Yearly Transactions

Ethereum, the second largest cryptocurrency by market cap, is preparing to break the $1 trillion mark in yearly processing. Ethererum, the largest cryptocurrency behind Bitcoin, is on track to be the first blockchain to process over $1 trillion in transactions in a single year. Currently, the Ethereum network is processing more than double the amount […]

4 November, 2020
Binance,Blockchain,Cryptocurrency,Exchange Platforms

Binance is Giving Away $20,000 in Fifth Learn and Earn Series

Binance, the largest online cryptocurrency exchange, is hosting its fifth learn and earn series, this time with Orion Protocol. Binance, the worlds largest cryptocurrency exchange, will be hosting their 5th Learn and Earn campaign in collaboration with the Orion Protocol. In this campaign, Binance will be giving away $20,000 worth of ORN, the native cryptocurrency […]

3 November, 2020
Bitcoin,Blockchain,Cryptocurrency,Exchange Platforms

Bitcoin Monthly Prices Finishes at Second All-Time High

At the end of October, Bitcoin has registered its second highest closing price of all time. Bitcoin bulls continue to rejoice as Bitcoin closes at its second highest monthly price in the history of the digital currency. Bitcoin closed October with a price hovering right around $13,800, the second highest monthly price finish besides the […]

2 November, 2020
Cryptocurrency,Exchange Platforms

Cryptimi Announces Launch of Additional Platform for German Speaking Users

 At Cryptimi, we have announced the launch of our newest news platform in one of the largest languages globally, German. We are very pleased to announce the release of our world class Cryptimi platform in German! Now, all german speakers will be able to access all of the traditional media and features they would receive […]

27 October, 2020

CoinMarketCap Launches Latest Earn Campaign With Helium

CoinMarketCap, the largest online market cap aggregator, has launched their latest Learn and Earn campaign with Helium. CoinMarketCap has launched their latest iteration of their Learn and Earn program in partnership with Helium. Learn and Earn is a program launched by CoinMarketCap that allows cryptocurrency users to learn about new cryptocurrencies and earn some of […]

25 October, 2020
Binance,Bitcoin,Cryptocurrency,Exchange Platforms

You Can Now Spend BNB and BUSD With All Shopify Merchants

Shopify, the all-in-one online commerce website, now allows all of its merchants to accept Binance’s tokens BNB and BUSD via Alchemy Pay. Alchemy Pay, a worldwide cryptocurrency payment solution provider has worked with Binance and Shopify to integrate BNB and BUSD for payments to all Shopify merchants. Shopify is the worlds largest e-commerce platform with […]

23 October, 2020