Bank of England lays out 'terms of engagement' for Facebook's Libra
October 9, 2019, 3:37PM EDT
1 min read
The Bank of England's Financial Policy Committee (FPC) has published a set of rules that Facebook's Libra stablecoin must adhere to before launching in the UK.
According to FPC, because "Libra has the potential to become a systemically important payment system," it "would need to meet the highest standards of resilience and be subject to appropriate supervisory oversight..."
Some of the principles the FPC detailed will require payment systems, like Libra, to show financial resilience and ensure that "sufficient information is available to monitor payments activities" to identify and address emerging risks to the financial stability of these systems.
"The terms of engagement for innovations such as Libra must be adopted in advance of any launch," FPC's statement reads, adding that "UK authorities should use their powers accordingly."
The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana.
We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come.