Bank of England to mull access for likes of Facebook's Libra

Credit: CC0 Public Domain

Bank of England Governor Mark Carney is open to the idea of letting new payment services such as Facebook's upcoming Libra hold funds with the central bank—something previously limited to commercial banks.

Carney is to tell an audience of bankers in London later Thursday it "makes sense to consider" whether new payment providers can hold funds overnight at the .

According to a transcript of his speech provided by the bank, Carney will say "expanding access can improve the transmission of monetary policy and increase competition."

News of the consultation comes days after Facebook, along with such partners as Uber, Visa, Mastercard and PayPal, unveiled Libra, which is to launch next year.

Carney stressed the bank "approaches Libra with an open mind but not an open door."

© 2019 The Associated Press. All rights reserved.

Citation: Bank of England to mull access for likes of Facebook's Libra (2019, June 20) retrieved 22 May 2024 from
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.

Explore further

Swiss watchdog 'in contact' with Facebook cryptocurrency backers


Feedback to editors