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U.S. Treasury: Facebook Libra, Other Cryptos Must Comply With US Rules

September 11, 2019 at 2:33 AM | By Jit Sutradhar News

Facebook Pound must reach the highest standards of US regulatory compliance. UU. Before any launch, a US Treasury official said. UU.

Speaking to journalists in Geneva, Switzerland, Sigal Mandelker, deputy secretary of the Treasury for terrorism and financial intelligence, said not only Libra, but other cryptocurrencies operating in all or part of the US. UU. They must comply with the rules aimed at preventing financial crimes.

As Reuters reported 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.”

In making his comments after a meeting on cryptocurrencies, including Libra, which has its government organization incorporated in Geneva, with representatives of the Swiss government, the Bank for International Settlements and other international financial organizations, Mandelker said he plans to meet with the agency today. FINMA financial control of Switzerland.

The discussion will prioritize the implementation of safeguards against money laundering, as well as possible enforcement actions against projects that do not comply with the rules, according to Reuters.

Mandelker argued that the digital asset industry has focused heavily on building its infrastructure and not enough on how to stop terrorists and other criminals who use their networks to move value.

The official also focused on Switzerland’s growing role as a cryptocurrency-friendly jurisdiction, and said that, for nations that adopt that position, “it is up to that country to take these particular concerns at the highest level [in] the highest consideration” .

While a Swiss central banker said earlier that he is “relaxed” about the possibility of the release of Libra, and that Facebook seems “willing to play according to the rules,” the nation’s privacy guard appears to be more concerned.

The Swiss Federal Commissioner for Data and Information Protection said in July that the social media giant had not responded to its request for more information on the safeguards that will be implemented to protect consumers, despite being located in the country.

Also on a visit to Switzerland at the end of August, Congresswoman Maxine Waters (D-CA), who also heads the House of Representatives Financial Services Committee, said the meetings left her with doubts about “allowing a large company technological create an alternative global currency and controlled privately “. . ”

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