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Bank of England’s Governor Emerges as a Libra Supporter Among Critics

16 October 2019 11:17, UTC

Mark CARNEY, who is the governor of the Bank of England has been a very active supportive voice for Facebook’s new digital project. In fact, he may just be the only person in a “position of power” who hasn’t directly criticized the project and is doing quite a lot for its popularity.

Carney’s words are directly projecting his opposition towards adding Libra to an already increasing list of regulated coins. In fact, statistics show that once cryptocurrencies had come under the radar of regulators, they immediately started to struggle with globalizing their business models.

Considering that Libra is supposed to cover as many as 1.5 billion users worldwide, it’s obvious why strict regulations would hinder or completely dissolve its purpose. The argument that Carney brings to the table is the inefficiency of the current payment model. In his words, the funds take way too long to move, and it could cost a fortune for not only large corporations but also small businesses that are just starting out.

His views are that the transactions should be almost instantaneous and virtually free. It’s unknown whether Libra will handle that much volume due to restrictions on scalability, but the governor of the Bank of England is indeed putting his trust in the new project. The trust could backfire, of course, considering how major payment companies have left the association already.