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Jul 16, 2019
9:16AM

FB needs 'very high standard' for Libra coin: US Treasury

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US Treasury Secretary Steven Mnuchin has said, Facebook must meet a very high standard before it moves ahead with its planned digital currency, Libra.

Mr Mnuchin told reporters at the White House that US regulators have already expressed concerns to the social media giant about the plan for a global cryptocurrency, noting that these kinds of virtual coins have in the past been associated with money laundering and illicit activities.

He said, whether they are banks or non-banks, they are under the same regulatory environment.

Facebook last month unveiled its plans for Libra, widely regarded as a challenger to bitcoin.

Expected to launch in the first half of 2020, Libra is designed to be backed by a basket of currency assets to avoid the wild swings of bitcoin and other cryptocurrencies.

Mr Mnuchin said, the US Treasury welcomes responsible innovations that can improve the efficiency of the financial system but added that the overriding goal of US is to maintain the integrity of the financial system and protect it from abuse.


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