Jun 20, 2019

Carney gives Facebook currency cautious welcome

In a speech tonight, the governor of the Bank of England will say that Libra - the new digital currency proposed by Facebook and other tech companies - could substantially lower costs and increase financial inclusion. This is a significant speech in many ways and may be looked back on as the time the fusty old bank of England really donned its digital trousers. Less headline grabbing than Facebook but arguably more important was the announcement that the Bank of England will allow non-banks to have an account with them. All the commercial banks we as customers bank with have their own account at the Bank of England where they store their reserves. Allowing non-banks - for example payment companies like Square and Worldpay - to have their own account could make payments faster, cheaper, more reliable and more available to people outside the traditional banking system.

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