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The central banks will want to have oversight on Facebook’s Balance: the Bank of England’s Carney

A FILE PHOTO of Stickers bearing the Facebook logo is pictured at the Facebook Inc. F8 developers conference in San Jose, California, united states, April 30, 2019. REUTERS/Stephen Lam/File Photo

LONDON (Reuters) – Major central banks, and supervisors would like control of Facebook’s proposal for a new currency and payment system, the balance, in order to make sure that it is safe and not linked to money laundering or the financing of terrorism, the Bank of England’s Governor, Mark Carney, has said.

“It has to be safe, or it’s not going to happen,” Carney told the BBC in an interview broadcast on Friday. “We, the Fed, the major global central banks, and supervisory authorities would have a direct regulatory supervision).”

The uk’s Financial Conduct Authority (fsa) is responsible for the protection of consumers and for the purpose of money, it could also be an important monitoring role to play, Carney added.

Carney said on Thursday that Facebook does not expect that the new Scale is mint in order to take advantage of the same unregulated free-for-all, which has helped the company to a dominant position in the social media.

Reporting by David Milliken; editing by Costas Pitas

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