Facebook’s Libra project has encountered significant
pushback from regulators around the world. Mark Carney, Governor of the Bank of England, has been one of the more supportive figures. Yesterday, in a speech about the Financial Stability Report, he was asked about Libra.
In his response, the challenges that Libra faces became clear. It’s not just regulatory and competition issues. It’s execution. Carney emphasized that other technology startups have bugs and learn as they grow, but Libra can’t do that. It has to get it right from day one. Facebook’s “move fast and break things” won’t wash.
Below is a quick transcript of his comments.
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Image Copyright: Bank of England
