July 16, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Philip Hammond, Chancellor of the UK Treasury, believes that the development of appropriate controls on Facebook cryptocurrency should be the responsibility of regulators, not legislators.

Hammond said in a conversation with CNBC on Monday that lawmakers shouldn’t bother with deciding whether Facebook should get a banking license.

“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 Hammond.

On the other hand, according to Hammond, without proper attention, Libra could turn into a significant risk to the financial system as a means of money laundering and terrorist financing. The head of the Ministry of Finance of Great Britain also noted that he sees the difference between Bitcoin and Libra, which lies in the management structure.

Earlier, Bank of England governor Mark Carney said that people need to understand the problems that Facebook is trying to solve with its cryptocurrency, regardless of whether the project has any possible flaws. In his opinion, Libra should be flawless at the launch stage, at least from a financial perspective — such obligations dictate the scope of the project.

Author: Marko Vidrih