LONDON (Reuters) – Facebook met, the British ministry of finance, central bank and regulatory officials in the weeks leading up to the creation of plans for the weighing Scale, digital currency, and the reactions to the Reuters freedom of information request show.
FILE PICTURE: A 3D-printed Facebook Scale cryptocurrency’s logo is seen in front of the display and German flag on it in this picture, the 13th of September 2019. REUTERS/dado Ruvic/File Photo
The details of the meetings of the board of a cooperative effort by the world’s largest social network, in an attempt to win support for its plans ahead of June 18 unveiling of the Scale, a cryptocurrency that will be backed up by major foreign currencies and other net assets.
In spite of this, the Scale has drawn a skeptical response from regulators and politicians in Europe and the United States, with a concern for its potential to upend the world’s financial system, and harm to privacy and the promotion of the purpose of money laundering.
The head of the Bank of England, is among those who have warned that the Scale can be a risk for the financial system and should therefore be a high regulatory hurdles. Britain’s top financial regulator, has said that more information was needed for the monitor to get the go-ahead.
Facebook has met with the junior minister and the officials in charge of the cryptocurrency policies in the Uk, the ministry of finance on the 23rd of April. A day later, was met by the Financial Conduct Authority (FCA), to discuss the Scale, according to the meeting schedules will be released by the ministry of finance and the supervisory authorities.
The following month, on the 14th of May, Facebook satisfied the officials of the ministry of finance, the Bank of England and the FCA on Balance, the replies to Reuters ‘ requests in the show.
The government will put five questions to the company prior to the meeting, which was edited in the e-mail is requested by Reuters.
Facebook, and the Geneva-based Scale Association, declined to comment on the meeting. As stated in the project, due to launch in 2020, Facebook said that it had met the regulatory authorities, and officials in the United States and in other countries.
“The dialogue with regulators, policy-makers and experts is a key factor in the Scale, it is a success,” a Facebook spokesperson said. “That was the whole reason that Facebook, along with other members of the Scale, the Association shared that our plans will have to be early in the morning.”
Facebook declined to comment on the question of whether it was going to have to look to regulation for the weighing Scales in the united Kingdom. The Scale of the Association, said last week that it was planning to apply for a license and the payment system in the netherlands.
A spokesman for the uk treasury declined to comment on the bathroom Scale. The ministry wishes to write-to take advantage of the potential benefits of cryptocurrencies maintain the transparency of the market, the protection of moral standards, ” he said.
Report by Tom Wilson and Huw Jones; Editing by Mark Potter