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Facebook's Balance must meet the highest standards of US regulatory compliance before any launch, said a US Treasury official.
Sending to reporters in Geneva, Switzerland, Sigal Mandelker, Under-Secretary of the Treasury for Terrorism and Financial Intelligence, said that not only Libra, but that other cryptocurrencies operating in whole or in part the United States will have to comply with the rules to prevent financial crimes.
As reported by Reuters on Tuesday, Mandelker said:
"Whether in Bitcoin, Ethereum or Libra, our message is the same for all these companies: the fight against money laundering and the fight against the financing of terrorism must be integrated from the beginning into your project."
After commenting after a meeting on cryptocurrencies, including Libra – whose governing body is established in Geneva – with representatives of the Swiss Government, the Bank for International Settlements and other financial organizations Mandelker said she plans to meet with FINMA, the Swiss Financial Supervisory Agency.
The discussion will prioritize the introduction of anti-money laundering safeguards and possible implementation measures for non-compliant projects, according to Reuters.
The digital asset sector is heavily focused on building its infrastructure and not enough on how to prevent terrorists and other criminals from using their networks to circulate the Internet. value, said Mandelker.
The official also stressed Switzerland's growing role as a crypto-friendly jurisdiction, saying that for nations adopting this position, "it is incumbent upon this country to take these particular concerns to the highest level. [into] the greatest respect. "
While a Swiss central banker had previously said he was "laid back" from the prospect of launching Libra and Facebook seemed "willing to play by the rules," the nation's privacy watchdog seems to be more worried.
The Federal Commissioner for Data Protection and Information said in July that the social media giant had not responded to his request for additional information on the safeguards put in place to protect consumers, although it is based in the country.
Still visiting Switzerland at the end of August, MP Maxine Waters (D-CA), who also heads the House's Financial Services Committee, said her meetings left her in doubt about whether enable a large technology company to create an alternative global currency under private control. . "
Image Sigal Mandelkar via Senator Jack Reed / YouTube
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