Libra was billed by Facebook (FB) as a global currency, backed by a basket of assets, that will help millions of people around the world have greater access to basic banking services.
Bank of England's Carney warns Libra: 'This is not learning on the job stuff' It was also expected to be usher in a new era of collaboration between the world’s major tech firms: Some 28 companies had initially agreed to join the consortium for the much-anticipated cryptocurrency project.
But increasingly regulatory scrutiny, including probes from the EU’s antitrust regulator and warnings from privacy watchdogs, has eroded trust in the project.
The Bank of England’s Financial Policy Committee, meanwhile, said that it would assess the risks of cryptocurrency projects like Libra.
“This is not learning on the job stuff,” Bank of England governor Mark Carney said in July. “It’s got to be rock solid from the start or it’s not going to star