BERN: The Facebook-led Libra cryptocurrency project must meet the highest standards for combating money laundering and terrorism financing if it is to get off the ground, a senior U.S. Treasury official said on Tuesday.
She was speaking after meeting Swiss government officials and representatives from the Bank for International Settlements and other international financial bodies to discuss cryptocurrencies including the planned Libra project, which is to be launched by a Swiss-based association. The Treasury official said she would meet Switzerland's financial market supervisor FINMA on Tuesday, where discussing not only the application of proper anti-money laundering safeguards but also taking enforcement actions against companies flouting those rules would be a priority.FINMA in August granted Switzerland's first banking and securities licenses to two blockchain service providers and has built up a digital currency hub nicknamed the"Crypto Valley".
The Libra project was still in very early stages of thinking through steps to prevent such crimes, she said, adding Swiss officials had similar views.
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