facebook-bank-libra

On June 25th Reuters reports, authorities in Bank of France has said Facebook’s Libra cryptocurrency must follow the anti-money laundering rules and regulations. At the same time, the Libra association must get the banking license if it is going to offer banking services to the public.

Furthermore, the authorities had said, there will be a chance to improve global money transfers by using this technology but at the same time, it will increase the risk.

The authorities also have said the requirements for a banking license.

“If the project seeks to go beyond payments to offering banking services like deposits, it will then have to be regulated like a bank with a banking license in all the countries it operates. Otherwise, it would be illegal.” – Bank of France Governor Francois Villeroy de Galhau

On the same day Reuters according to another report, One of the Swiss National Bank’s alternate member has said. He is like to see good things with technology.

“Overall I think it’s an interesting development and I’m pretty relaxed about it. […] They have clearly indicated that they are willing to play according to the rules, they have been contacting the regulators.” – alternate member of the Swiss National Bank’s governing board Thomas Moser

According to Cointelegraph, The Minister of the Economy and Finance, Bruno Le Maire has asked G7 Central banks to prepare reports about what guarantees should be obtained from Facebook regarding the currency that is going to launch in the coming months. At the same time Cointelegraph reports, A former adviser to President Trump has shown his support to the Facebook’s Libra cryptocurrency.

Sources: investing.com | cointelegraph.com

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