Facebook’s Libra must achieve the highest standards of U.S. regulatory compliance prior to any launch, a U.S. Treasury official has said.
Speaking to reporters in Geneva, Switzerland, Sigal Mandelker, under secretary of the Treasury for terrorism and financial intelligence, said not only Libra, but other cryptocurrencies operating in all or part of the U.S. will need to comply with rules aimed to prevent financial crimes.
As reported by Reuters on Tuesday, Mandelker said:
“Whether it’s bitcoin, Ethereum, Libra, our message is the same to all of these companies: anti-money laundering and combating the financing of terrorism has to be built into your design from the get-go.”
Making her comments after a meeting on cryptocurrencies including Libra – which has its governing organization incorporated in Geneva – with representatives from the Swiss government, the Bank for International Settlements and other international financial organizations, Mandelker indicated she plans to meet Switzerland’s financial watchdog FINMA today.
The discussion will prioritize putting in place anti-money laundering safeguards as well as potential enforcement actions…
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Author: Daniel Palmer