Bank of England governor Mark Carney has defended the concept behind new cryptocurrencies like the Facebook Inc.-led Libra. Asked by lawmakers in London Tuesday why firms like the social media company should be getting involved in such projects given the associated risks, Carney pointed to the shortcomings of existing payments systems. Carney will travel to Washington later this week for international meetings and events on the future of finance. “In terms of how this will proceed or not going forward, this will not be like social media. It’s either going to be regulated properly, overseen properly, or it’s not going to happen.”Get more business in your inbox Get the business news and analysis that matters most every morning in our Star Business Journal newsletter.

Source: thestar October 15, 2019 11:15 UTC