RBS Exploring Ways to Work With Facebook on Libra

Ever since Facebook announced the launch of its cryptocurrency, Libra, several leading banks and central regulatory authorities have raised concerns over its implications on security and the global financial system. In what could be some respite for the social networking giant, the Royal Bank of Scotland (RBS) has confirmed that it is in discussions with Facebook to explore the potential of Libra.

This development was confirmed by the bank’s Head of Innovation, Kevin Hanley, while addressing journalists on Tuesday. Hanley stated, “It has no punchline yet but we’d very much engage and see rather than wait and find out.”

Hanley also spoke about how although Libra was backed by a consortium of leading companies from across industries, there was no bank in the mix yet. Facebook has confirmed that the company is in talks with banks, but has not yet been successful in getting a bank to back the cryptocurrency by coming on board the consortium, the Libra Association.