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The Bank of England governor has for the second time publically come out and defended Facebook’s planned stablecoin Libra.

When talking about the technology and time it takes to make overseas payments, Mr Carney said:

“That’s not good enough in this day and age. Those payments should be instantaneous, it should be the same as us exchanging a banknote online. It should be virtually costless and it should be 100 per cent resilient. There are different ways to solve that but the challenge “” this is for the U.K. “” is to bring online payments and other payments up to the standard that is found in a number of major emerging economies and a few advanced economies.”

It was not all positive from the Bank of England governor as when it comes to regulation he had some strong opinions.  

“In terms of how this will proceed or not going forward, this will not be like social media. This will not be a case where something gets up and starts running and the system tries to work out after the fact how it’s regulated. It’s either going to be regulated properly, overseen properly, or it’s not going to happen.” said Mr Carney.

Mark Carney is travelling to Washington this week  for international meetings and events on the future of finance. This means it is not the last we are going to hear on the subject. The UK seems to be very progressive on the subject of digital currencies as the Bank of England has their own in house research projects on the development digital currencies.