Facebook warned Libra cryptocurrency will come under close scrutiny

UK financial regulator highlights concerns over consumer protection and privacy

Facebook's plans for a global cryptocurrency, Libra, will warrant close scrutiny by governments across the world, according to one of the UK's most senior financial regulators.

Christopher Woolard, the executive director of strategy and competition at the UK's Financial Conduct Authority (FCA) highlighted a series of potential issues with the digital currency, from consumer protection and privacy concerns to financial market stability.