You can enable subtitles (captions) in the video player
Bank of England approaches Libra with an open mind, but not an open door. Unlike social media, for which standards and regulations are only now being debated and legislated, well after they've been adopted by billions of users, the terms of engagement for innovations, like Libra, must be adopted well in advance of any launch. And that's something that the chancellor and I insisted upon at the last G7.
Today the Bank of England's announcing our plans to consult on opening access to our balance sheet to new payment providers. Again, historically, only commercial banks could hold interest bearing deposits or reserves at the Bank of England. And, again, the reason for that was because the banks were at the core of the payment system. But now that's changing.