Facebook met with UK officials three times before Libra's announcement

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LONDON (Reuters) – Facebook met with the British finance ministry, the central bank and regulatory officials in the weeks before making its plans to publicize Libra's digital currency.

FILE FILE: The 3D encrypted criptocurrency logo appears in front of the German flag displayed in this diagram, September 13, 2019. REUTERS / Dado Ruvic / File Photo

The details of the meetings indicate that a concerted effort by the world's largest social network to support its plans ahead of June 18's June release, criptocurrency that will support major currencies and other assets.

Despite this, Libra has drawn a skeptical response from regulators and politicians in Europe and the US, with concerns about its ability to meet the world's financial system, damaging privacy and promoting money laundering.

One of the Bank of England is one of those who warned that Libra could pose risks to the financial system and therefore should have high regulatory barriers. The British chief financial regulator has also said that more information was needed to allow Libra.

Facebook met with junior minister and officials in charge of criptocurrency policy in the British finance ministry on April 23. A day later, he met with the Financial Transport Authority (FCA) to discuss Libra, according to a meeting schedule. 'Issued the financial ministry and the watch.

The following month, on 14 May, Facebook met with officials from the finance ministry, Bank of England and FCA under Libra, the answers to Reuters requests.

The authorities submitted five questions to the company in advance of the meeting, arranged in emails for Reuters' request.

Facebook and the Geneva-based Association of Geneva refused to comment on the meetings. As he announced the project, to be launched in 2020, Facebook said it met with regulators and officials in the US and abroad.

“Engagement with regulators, policymakers and experts on Libra's success is vital,” said a Facebook spokesperson. “This was the complete reason that Facebook along with other members of the Libra Society shared our plans early.” T

Facebook refused to comment on whether it was proposed to seek regulation for Libra in Britain. Last week, Libra said that it intended to apply to become a licensing payments system in Switzerland.

A spokesperson for the British finance ministry refused to comment on Libra. The ministry wishes that Britain would benefit from the potential benefits of cryptosphere and maintaining transparency, safeguards and market standards, he said.

Reporting by Tom Wilson and Huw Jones; Edited by Mark Potter

Our Standards:The principles of Thomson Reuters Trust.

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