Bank of England drafting British Libra regulations before launch

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The Bank of England is drafting tough British Libra regulations in the U.K. Facebook’s Libra is systemically important and will face stringent regulations whenever it is launched in the United Kingdom, says Bank of England. The BOE has put the yet-to-launch cryptocurrency project on notice and mentioned that it would have to undergo tight monetary inspections in the country. On Tuesday, the bank proclaimed that the upcoming currency would be ‘systemically important’ to the financial network. Thus, it needs to be regulated as per the current rules. The ‘Financial Policy Committee’ (FPC) of the central bank said that British regulators

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