LONDON: The Bank of England set out the rules of engagement that Facebook's Libra crypto-currency and other new digital payments providers would have to meet before they can open for business in Britain.
The principles include a requirement for the entire payment chain to show its operational and financial resilience, and provide enough information for regulators monitor payments. So-called wallets for crypto-payments are akin to bank accounts that are subject to a welter of rules, such as deposit insurance, liquidity and capital requirements.The European Union on Tuesday said it will propose a new law to cover crypto-asset projects like Libra, saying they posed a risk to the wider financial system.
The FPC also said it will set out in December changes it would like to see in so-called open ended funds following a review by the Bank and the Financial Conduct Authority.
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