BOE’s Mark Carney Says Facebook Token Must Be ‘Rock Solid’ From Start


Thursday , July 11th 2019

Facebook Inc.’s Libra cryptocurrency will have to be bulletproof from day one, says Bank of England Governor Mark Carney.
“If it’s successful it becomes systemic because it would involve a very large number of users and if you’re a systemic payments system it’s ‘five-sigma,'” said Carney, referring to a threshold scientists are often held to in proving test results. “You have to be on all the time, you can’t have teething issues, you can’t have people losing money out of their wallets. The standards are in a different zip code, to use the American term, to the standards in other technologies.”

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