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Facebook's Libra currency needs regulatory scrutiny, says FCA official

By Simon Zekaria ( July 2, 2019, 15:40 GMT | Insight) -- ​Facebook’s planned cryptocurrency Libra would be a key market development for financial services and would necessitate scrutiny by regulators, the Financial Conduct Authority’s executive director of strategy and competition said today. In a speech, Christopher Woolard said the watchdogs would be those mindful of the impact of digital payments on government, businesses and individuals. He also signaled that "sandboxes" for testing innovations may not be enough to immunize markets from harm posed by cryptoassets.​Facebook’s planned cryptocurrency Libra would be a key market development for financial services and would necessitate scrutiny by regulators, in particular those mindful of the impact of digital payments on government, businesses and individuals, the Financial Conduct Authority’s executive director of strategy and competition said today....

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