Whether it’s Bitcoin, Ethereum or Libra, AML and Terrorist financial measures are to be built into design from get-go: U.S. Treasury

Facebook’s plan of entering the digital currency world with the introduction of Libra met with a dead-end even before its launch. But there have been discussions of starting the project again that are floating around within the U.S. jurisdiction.

A senior U.S. Treasury official talked about how Libra project should have high safety standards, and it should have built-in measures to combat the money laundering and terrorist financing issues.

Sigal Mandelker, the Under Secretary of the Treasury for Terrorism and Financial Intelligence said that whether its Bitcoin, Ethereum or Libra, but the norms are same- anti-money laundering and combating the financing of terrorism should be built within the system.

The statement was made public once Mandelker met officials of the Swiss government, Bank for International Settlements and other financial bodies. She also announced to meet FINMA to discuss anti-money laundering safeguards and enforcement actions against those who fail to work within the norms. FINMA recently granted Switzerland’s first banking and securities licenses to two blockchain service providers, but they also built a digital currency hub, Crypto Valley. This move can affect the acceptance of Libra in the crypto world.

Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

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