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The Bank of England has hardened(1) its stance on Facebook’s Libra digital currency, telling the social media company it must meet its highest standards to get the green light for launch in Britain.
In its toughest intervention to date, the central bank’s financial policy committee (FPC) said digital currencies such as Libra would need to reach the same high standards as those of traditional payments.
In practice, that would mean digital wallets enabled to hold Libra hitting standards that other cryptocurrencies have so far avoided. These include being part of the UK’s financial services deposit protection scheme, holding capital(2) to protect consumers, and being subjected to central bank stress tests.
In a warning to Facebook, the Bank’s quarterly FPC assessment of emerging financial risks said: "If payment tokens were used widely to facilitate routine payments, they should have the same level of operational resilience(3) and safeguarding as the use of debit cards to make payments from current accounts."
(Adapted from original text source)