UK Chancellor Gives Official Opinion on Benefits and Risks of Facebook’s Libra

The chancellor of the United Kingdom, Philip Hammond, has been recently featured on CNBC’s Squawk Box to talk about the upcoming Libra, the crypto created by Facebook. He talked about the dangers and possibilities that surrounded it and whether it would need a banking license or not.

According to Hammond, Libra will have an effect on the country if it is allowed in. Will this be a positive or negative effect? He does not seem to be too sure. Hammond affirmed that the effect can go both ways, as there some huge risk, but it may also prove to bring some great rewards.

If Libra is not really well regulated, though, he believes that the harm will be the main change. Any financial tool, without proper regulation, he believes, can be used in order to harm the investors. He did not seem to be fearing the lack of privacy, one of the main problems that most people have with Facebook, being more interested in the potential for money laundering.

He also affirmed that Libra was very different from Bitcoin because its whole structure was different and affirmed that the U. K. would find a way to properly regulate it if the token was allowed.

The Decision About Libra Is Not Political

In the United States, the controversy surrounding Libra is very heated. Several important figures have affirmed that it has to be banned, that it is a threat to national security or that it would need a banking license.

Hammond affirmed that the story will be quite different in the United Kingdom. According to him, the regulators and not the government will decide whether Libra will need a banking license or not. This, he affirmed, is the responsibility of the ones who normally oversee these questions, not the politicians.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Gabriel Machado
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

China’s Largest Mining Chip Maker, SMIC, Gains Regulator’s Approval On $2.8B IPO

One of China’s biggest semiconductor manufacturer, SMIC, announces plans to raise a $2.8 billion public sale IPO on the Sci-Tech Board of the...

Bitcoin Flash Crashes to $8,600 with BitMEX Shenanigans at Play Again

Bitcoin doing bitcoin things! Today, Bitcoin had yet another moment like March 12, although the price didn’t crash that low. Yesterday, Bitcoin jumped as high as...

AVA Labs Integrates Chainlink’s Decentralized Oracles to Improve DeFi Dapps Development

AVA blockchain, becomes the latest platform to add Chainlink, a decentralized oracle system to its platform. The integration of Chainlink to the Dapp blockchain...

Binance Korea to Improve KYC/AML Framework With Coinfirm's Compliance Solution

Binance South Korea unveiled a unique partnership with Blockchain analytics firm, Coinfirm that will help Binance remain compliant with the strict AML framework...

2nd Largest BTC Mining Pool, Poolin, Collabs With BlockFi, To Boost Crypto Lending Service

Poolin and BlockFi have formed a partnership as the latter aims to extend loans to the mining pool. Bitcoin (BTC) and mining equipment...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today