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“Libra Can Be Misused for Financing Terrorism”

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“Libra Can be Misused for Financing Terrorism.” Following the example of the ECB and the US central bank, the US Treasury now expresses its concern about Facebook’s cryptocurrency, the libra.

 

The libra can be utilised to fund terrorism, US Finance Minister Steven Mnuchin said during a press conference Monday.

He called the digital currency to be released next year “a matter of national security.”

Fighting fraud
Mnuchin also voiced strong criticism of other crypto coins.

“Bitcoin is volatile and based on thin air.

We are concerned about the precarious nature of bitcoin and will ensure that the US financial system is protected against fraud.”

Supervisor FinCEN has a role to play here, which, as part of the US Treasury Department,

 analyses transactions and, among other things, combat money laundering and crime.

Establish rules first
Facebook’s blockchain director David Marcus said earlier that the libra would only be launched when all concerns about regulation have been removed.

Although the talks about this are now ongoing, the approvals from the US government can take a long time, according to Mnuchin.

Last Friday, US President Trump also lashed out at crypto coins and Facebook’s Libra in particular.

In particular, the unreliability and volatility of virtual coins are a problem, according to Trump.

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