UK Chancellor comments on Libra: "We’re not going to turn our back to it or try to stop it"

Posted 16 July, 2019

The UK Chancellor Philip Hammond has commented on the hot issue regarding Facebook's cryptocurrency project Libra. 

During the interview to CNBC, the UK official stated that the development of the controls over the Libra is the task of regulators rather than lawmakers. In particular, he believes that the lawmakers may not spend their time to determine whether Facebook has to get a banking license or not.

"That is an issue for the regulators. We have an independent regulatory system as you do and that is essentially an issue for the regulators to determine, not for politicians to determine," said Philip Hammond. 

Hammond noted that the UK government is not going to attempt to stop the development of the Libra project. 

At the same time, he added that due attention must be given to the Libra coin otherwise it can entail heavy risk for the financial system as an effective means of money laundering and terrorist funding. 

“We’re not going to turn our back to it or try to stop it. We’re going to engage with it and try to work with others to ensure that it is effectively regulated,” commented UK Chancellor.

Meanwhile, in the USA, Steven Mnuchin stated that the US Treasury is strongly concerned about the cryptocurrency project announced by Facebook. In fact, Mnuchin supported the position of US President Donald Trump regarding cryptos. At the end of last, there were rumours that the US Congress received a draft bill designed not to let large technological companies launch their cryptocurrencies.


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