Unruly social media no model for Facebook’s Libra currency: BoE’s Carney

A 3-D printed Facebook logo is seen on representations of the Bitcoin virtual currency in this illustration picture, June 18, 2019. REUTERS/Dado Ruvic/Illustration/Files

LONDON: 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, Bank of England Governor Mark Carney said on June 20.

The US social media company drew worldwide interest earlier this week when it announced plans to establish its own payment system, backed up by a currency it calls Libra.