Briefing

Mark Carney joins board of payment-technology firm Stripe

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Carney completed his term as governor of the Bank of England (BoE) in March 2020. He is also head of ESG and impact-fund investing at Toronto-headquartered Brookfield Asset Management. (The Logic)

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Talking point: San Francisco-based Stripe is reportedly in the early stages of raising a new funding round that could value the privately held firm at US$70 billion or more. The firm cited the former central banker’s regulatory experience and role as the UN special envoy for climate action. Stripe and Carney have both taken a positive but cautious approach to digital currencies in the financial system. In October 2019, the firm opted not to join the Facebook-led Libra Association in setting up a new stablecoin (now called Diem) following regulatory concerns. It ended Bitcoin support in January 2018 after concluding it made a better asset than a means of exchange, but said it was “very optimistic about cryptocurrencies overall.” As BoE governor, Carney raised concerns about Libra’s impact on monetary and fiscal policymaking, but proposed a digital reserve currency to replace the U.S. dollar.