ambcrypto.com
Although Facebook’s Libra initiative hit a hard stop just before the launch, discussions around restarting the project is one of the hottest topics within the U.S. jurisdiction. As of latest, a senior U.S. Treasury official spoke about how the Libra project must meet the highest standards for combating money laundering and terrorism financing. Sigal Mandelker, the Under Secretary of the Treasury for Terrorism and Financial Intelligence, told reporters in the Swiss capital,
“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.”
According to the source, the statement was made public soon after Mandelker met officials from the Swiss government, the Bank for International Settlements and other international financial bodies to discuss cryptocurrencies.
Moreover, she had announced to meet FINMA to discuss the application of proper anti-money laundering safeguards and enforcement actions against defaulters. This move is critical to Libra’s acceptance as FINMA recently not only granted Switzerland’s first banking and securities licenses to two blockchain service providers but also built up a digital currency hub, Crypto Valley. In this regard, Mandelker stated,
“Switzerland, like a number of other countries, has promoted itself as a hub for fintech and for innovation, and so of course any country that promotes itself in that way — in my view, it’s incumbent upon that country to take these particular concerns at the highest level in(to) the utmost regard.”