Even as regulators and central banks around the world look upon Facebook’s proposed cryptocurrency Libra with suspicion, BOE Governor Mark Carney expressed optimism towards this initiative.

According to Carney, Libra could lower domestic and trans-border transaction costs and bring about financial inclusion on a large scale. However, he did caution that it needs strict regulation to be a success.

In an encouraging nod for Facebook and Libra’s governing board members, Carney confirmed that the BOE will look into getting regulations ready to safeguard against data privacy and money laundering risks before Libra is launched.

Facebook had announced its plans to launch a global cryptocurrency Libra by H1 2020 to facilitate faster digital payments between consumers and businesses worldwide. Its new cryptocurrency would be stored and managed by digital wallet Calibra which can be integrated into apps like Facebook and WhatsApp so users can send and receive payments conveniently.