As part of expanding its digital payment business, Facebook last week released a digital cryptocurrency called "Libra." Libra plans to officially launch next year and is expected to provide digital trading and payment services to billions of potential users.
Bailey said that Libra's potential impact is enormous and may cause problems for governments and public policies around the world. Therefore, Facebook needs to provide more details about Libra.
Bailey also said that the FCA, the Bank of England (Bank of England) and the British Finance Minister are negotiating on Facebook's proposal. FCA has already contacted Facebook and expects to have more exchanges in the future.
In addition to the United Kingdom, the central banks of France and Germany are also "special attention" to Libra, and Libra should be strictly regulated. Among them, France will set up a special working group to supervise the data encryption currency including Libra.