Cryptocurrency

Libra Game Over? Break the Facebook Coin to the guidelines?

Since the U.S. Senate wants to impose a temporary Development ban for the Facebook crypto-currency, the Libra, the members of the Libra Association, the primary lobbying and compliance with the regulatory authorities guidelines. As we already reported three weeks ago, is currently a U.S. Delegation in Switzerland to debate on regulatory issues, and Libra in Particular. But this Libra needs to accept once again a setback.The current events are already commented cynically, and Libra, partly as a Game Over means. So far, we don’t want to go. However, since the present day is that Libra must in the future comply with the highest Standards for combating money laundering and terrorism financing. Let’s take a look at the facts!

Libra and the question of the AML guidelines

The trigger of today’s article is a press conference held on Tuesday in the Swiss capital, Bern. In this press conference, Sigal Mandelker, the Secretary of state of the U. S. Office of Terrorism and Financial Intelligence, spoke about the results of the current discussions with the Swiss authorities and the Libra Association.

Libra, Bitcoin, Ethereum and co. equally affected

In the meeting they gave to a customer, each with crypto-currencies related to the project, which operates in all or significant Parts of the United States, must clearly and inescapably adhere to the US regulatory standards. The Geneva-based Libra Association and the associated Libra Coin counts explicitly. Literally the sounds as follows:

Whether it’s Bitcoin, Ethereum, or Libra – our message is the same and applies for all the measures to prevent money laundering and combat the financing of terrorism must be taken into account from the very beginning in the conceptual design (of a currency) and integrated.

As already mentioned, made Mandelker these statements after discussions with Libra Association and other important players: so were in the discussions alongside high-ranking officials, and government representatives in Switzerland representatives of the Bank for International settlements and other international financial institutions present. Alone the list of participants gives a good impression about the relevance and the Impact of Libra.

Has Facebook lost with Libra?

Mandelker complained more points. According to their view, were set mainly in the context of the development phase (of Libra) wrong priorities. Your statement can be content to Blockchain and little bit of Anti-money’ to interpret the Laundry. Literally, it was by Mandelker:

The digital currency industry has given to the development of the underlying technology, a lot of attention. Most of the companies have thought of Laundry to be little in the way of the Anti-money guidelines. You have to be of little concern, to ensure that terrorists hide money or move can wash.

Mandelker announced in this framework, also, to meet with the Swiss financial market Supervisory authority (FINMA). At the Meeting, but should not be discussed only in the framework and protection measures against money laundering. Mandelker has a different priority – it relies on the effect of deterrence. Therefore, you want to define direct measures that can be taken against companies who ignore the rules, by.You don’t want to buy Bitcoin, you know, but where? To decide the right provider is not always easy. Therefore, we recommend that you take the time to look at our Bitcoin Broker & exchanges comparison. Often several providers are already required to really get all the Cryptos to cover. See for yourself: Bitcoin Broker & stock exchange compared with that now read.

Switzerland currencies, as the centre of FinTech and Crypto

In addition to the Libra Association, more and more FinTech and Crypto-companies in Switzerland to settle. The Swiss Canton of Zug is therefore also referred to good and happy Times as a “Crypto Valley” (after Silicon Valley). Mandelkers view, a special responsibility and obligation resulting from the fact:

The Switzerland advertises itself as a number of other countries, as a Hub for Fintech, and innovation – in my opinion it is the duty of this country to take account of these concerns (AML) at the highest level and with greater care. The same applies for any other country that is in a similar way.

Further, Mandelker says that Libra is still at an early stage of development. Even if the compliance with the strict US guidelines, was no walk in the ‘sugar’, there would still be plenty of time and opportunities, concerns, and theories. The Swiss officials would see it similar to you.How do you see the chances for the Facebook Cryptocurrency Libra? Will Facebook be able to fulfil the conditions? Come in to our Telegram Chat and talk with the experts and the Community. Subscribe to our News channel to not miss any News. (Image Source: Shutterstock)

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.