A number of Democrats on Capitol Hill swiftly criticised Facebook’s Tuesday announcement and called for additional scrutiny. Representative Maxine Waters, the chair of the House financial services committee, said she would conduct hearings and demanded that Facebook hit the pause button “until Congress and regulators have the opportunity to examine these issues and take action”.
French finance minister Bruno Le Maire said it’s “out of the question” that libra should become a sovereign currency. Australia’s central bank governor, Philip Lowe, said there’s a “lot of water under the bridge before Facebook’s proposal becomes something we’re using all the time”.
Still, his remarks highlight how his BoE has strived to keep up with banking technology. Last year, it gave fintech start-up TransferWise the same rights as retail banks to process payments as the first non-bank to hold an account in the BoE’s real time gross settlement system. As recently as March, it said it was committed to embracing fintech to deliver its mission and is applying new technologies “to enhance its own capabilities.”
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