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Bank of England sets principles to oversee Facebook's Libra, digital currencies

Facebook Inc. Libra must meet the highest regulatory and supervisory standards before it can launch in the U.K., the Bank of England's Financial Policy Committee said.

The BoE set out three principles to guide future oversight on payment systems such as Libra, which is Facebook's proposed digital currency.

"Libra has the potential to become a systemically important payment system ... [and] such a system would need to meet the highest standards of resilience and be subject to appropriate supervisory oversight," the FPC said in an Oct. 9 release.

Under the principles, the regulator will assess payment systems on financial stability and risk, rather than just their legality. Operational and financial resilience in relation to economic stability would be an another factor in oversight, the FPC said. It also said that it would ensure transparency of information in order to monitor payments.

The committee said it is in favor of the adoption of efficient alternative payment solutions for both domestic and international transfers.