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FINMA said that oversight of the range of services provided by Libra would follow the maxim ‘same risks, same rules.’ ‘The highest international anti-money laundering standards would need to be ensured throughout the entire ecosystem of the project,’ it said.
‘We are engaging in constructive dialogue with FINMA and we see a feasible pathway for an open-source blockchain network to become a regulated, low-friction, high-security payment system,’ the Geneva-based Libra Association said. It has asked FINMA to clarify the status of the association and the Libra coin under Swiss supervisory law, the regulatory said. US under secretary of terrorism and financial intelligence Sigal Mandelker told reporters in the Swiss capital on Tuesday that cryptocurrency project must meet the highest standards for combating money laundering and terrorism financing if it is to get off the ground. ‘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,’ Mandelker said.
Facebook’s Libra cryptocurrency project is seeking a Swiss payment system licence, financial watchdog FINMA said on Wednesday, noting the breadth of the planned services would require broad oversight. The world’s largest social media network announced plans in June to launch a cryptocurrency as it seeks to expand beyond social networking and move into e-commerce and global payments, though the plans have drawn intense scrutiny from global financial officials. ‘Due to the issuance of Libra payment tokens, the services planned by the Libra project would clearly go beyond those of a pure payment system, FINMA said, noting this mean it would be subject to such additional requirements. These would extend to capital allocation for credit, market and operational risks, risk concentration and liquidity, and the management of the Libra reserve, it said.
Cryptocurrencies can make it easy to send money directly to someone. Bitcoin transactions aren't actually untraceable, though they can be very difficult to trace. Similarly, bitcoin use isn't absolutely anonymous. It's pseudonymous, meaning that your bitcoin address is recorded even though your identity isn't. Some cryptocurrencies, notably bitcoin, have a cap on the number of coins that can be minted, meaning that owners of existing coins don't have to worry about the arbitrary creation of new ones, although that could create other issues in the future.
The US dollar is tried and true and pretty much accepted anywhere in the world. Some countries like the dollar so much that they use it instead of their own money. And dollars earn interest, though at current rates that won't add up to very much. Of course, the dollar has weaknesses. Using dollars, particularly across borders, can be expensive because banks take a cut to convert them into local currencies. If you're using dollars on a prepaid card, the credit card company is probably charging the merchant a portion of your purchase. And if the US government prints too many dollars, inflation could follow. Despite the hype, cryptocurrencies aren't widely used yet. Try buying a cup of coffee with ether. (Yes, it's possible but not widespread.) The value of cryptocurrencies is volatile, often rising or falling more than 5% a day, making it difficult to get a sense of the long-term worth of the asset.
Initially, the plan was to use a basket of assets to anchor the cryptocurrency's value. The association didn't say what those assets would be but indicated they would be denominated in major global currencies, like the dollar and the euro, which don't fluctuate intensely day to day. The association will buy more of the underlying assets to create, or "mint," new Diem when people want more of the cryptocurrency. When people cash out, the association will sell those assets and "burn" Diem. Backing a currency with an asset isn't anything new. In fact, it used to be common. The US dollar was backed by gold until 1971. The value of the Hong Kong dollar is pegged to the US dollar and managed by a currency board, which can issue new notes only if it has enough in reserves.
Change all your mintme coins to LBAG. Our team has worked hard to get LBAG into BINANCE
We need your participation worth 1 Million LBAG to register it with CoinGecko and enter the Binance exchange
sell your LBAG tokens we will buy them all below the current market price 0.2
FINMA said that oversight of the range of services provided by Libra would follow the maxim ‘same risks, same rules.’ ‘The highest international anti-money laundering standards would need to be ensured throughout the entire ecosystem of the project,’ it said.
‘We are engaging in constructive dialogue with FINMA and we see a feasible pathway for an open-source blockchain network to become a regulated, low-friction, high-security payment system,’ the Geneva-based Libra Association said. It has asked FINMA to clarify the status of the association and the Libra coin under Swiss supervisory law, the regulatory said. US under secretary of terrorism and financial intelligence Sigal Mandelker told reporters in the Swiss capital on Tuesday that cryptocurrency project must meet the highest standards for combating money laundering and terrorism financing if it is to get off the ground. ‘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,’ Mandelker said.
Facebook’s Libra cryptocurrency project is seeking a Swiss payment system licence, financial watchdog FINMA said on Wednesday, noting the breadth of the planned services would require broad oversight. The world’s largest social media network announced plans in June to launch a cryptocurrency as it seeks to expand beyond social networking and move into e-commerce and global payments, though the plans have drawn intense scrutiny from global financial officials. ‘Due to the issuance of Libra payment tokens, the services planned by the Libra project would clearly go beyond those of a pure payment system, FINMA said, noting this mean it would be subject to such additional requirements. These would extend to capital allocation for credit, market and operational risks, risk concentration and liquidity, and the management of the Libra reserve, it said.
Cryptocurrencies can make it easy to send money directly to someone. Bitcoin transactions aren't actually untraceable, though they can be very difficult to trace. Similarly, bitcoin use isn't absolutely anonymous. It's pseudonymous, meaning that your bitcoin address is recorded even though your identity isn't. Some cryptocurrencies, notably bitcoin, have a cap on the number of coins that can be minted, meaning that owners of existing coins don't have to worry about the arbitrary creation of new ones, although that could create other issues in the future.
The US dollar is tried and true and pretty much accepted anywhere in the world. Some countries like the dollar so much that they use it instead of their own money. And dollars earn interest, though at current rates that won't add up to very much. Of course, the dollar has weaknesses. Using dollars, particularly across borders, can be expensive because banks take a cut to convert them into local currencies. If you're using dollars on a prepaid card, the credit card company is probably charging the merchant a portion of your purchase. And if the US government prints too many dollars, inflation could follow. Despite the hype, cryptocurrencies aren't widely used yet. Try buying a cup of coffee with ether. (Yes, it's possible but not widespread.) The value of cryptocurrencies is volatile, often rising or falling more than 5% a day, making it difficult to get a sense of the long-term worth of the asset.
Initially, the plan was to use a basket of assets to anchor the cryptocurrency's value. The association didn't say what those assets would be but indicated they would be denominated in major global currencies, like the dollar and the euro, which don't fluctuate intensely day to day. The association will buy more of the underlying assets to create, or "mint," new Diem when people want more of the cryptocurrency. When people cash out, the association will sell those assets and "burn" Diem. Backing a currency with an asset isn't anything new. In fact, it used to be common. The US dollar was backed by gold until 1971. The value of the Hong Kong dollar is pegged to the US dollar and managed by a currency board, which can issue new notes only if it has enough in reserves.
