UK watchdog wants more detail on Facebook's Libra coin plan

Small toy figures are seen on representations of virtual currency in front of the Libra logo in this illustration picture, June 21, 2019. REUTERS/Dado Ruvic/Illustration

LONDON (Reuters) - There was “insufficient” detail to understand Facebook’s plans to expand into payments and launch its own Libra coin, Britain’s Financial Conduct Authority (FCA) said on Tuesday.

Facebook has the potential to be very significant for public policy and therefore the social media giant needs to provide more detail, the market watchdog’s chief executive, Andrew Bailey said.

“They are not going to walk through authorization without that,” Bailey told the UK parliament’s Treasury Select Committee.

The FCA, Bank of England and Britain’s finance minister were working together on the Facebook proposal, Bailey said. FCA has already had contact with Facebook, and many more engagements can be expected.

Reporting by Huw Jones and David Milliken, editing by Carolyn Cohn