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Central banks will want oversight of Facebook's Libra - BoE's Carney

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Central banks will want oversight of Facebook's Libra - BoE's Carney
FILE PHOTO: The Governor of the Bank of England, Mark Carney speaks at an FT event in London, Britain February 12, 2019. REUTERS/Hannah McKay   -   Copyright  Hannah Mckay(Reuters)
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LONDON (Reuters) – Major central banks and regulators will want oversight of Facebook’s proposed new currency and payment system, Libra, to ensure it is safe and does not allow money laundering or finance terrorism, Bank of England Governor Mark Carney said.

“It has to be safe, or it’s not going to happen,” Carney told the BBC in an interview broadcast on Friday. “We, the Fed, all the major global central banks and supervisors, would have direct regulatory (oversight).”

Britain’s Financial Conduct Authority – responsible for consumer protection and anti-money laundering – would also have a major supervisory role to play, Carney added.

Carney said on Thursday that Facebook cannot expect its new Libra currency to benefit from the same unregulated free-for-all that helped the company achieve a dominant position in social media.

(Reporting by David Milliken; editing by Costas Pitas)

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