Facebook says it’s willing to work with U.S. regulators prior to offering its budding cryptocurrency Libra to the public by MichaelFNunez
, a digital wallet to hold Libra that will be available in Messenger, WhatsApp and as a stand-alone app expected to launch in 2020.
“The way that we think about protecting the integrity of the network against money laundering, criminal activity and terrorism funding is by moving a lot of cash transactions into the digital world. Cash transactions are where most crimes happen,” he said. “The way we are applying [anti-money-laundering] programs as far as the Calibra wallet is concerned, we will have strong identity [protections].
Trump tweeted on Thursday that he is “not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.“ He added, “Facebook Libra's ‘virtual currency’ will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International.
Senators also chastised Facebook for failing to prevent misuse of consumer data in the past, included its admission last year that a political-ad-targeting firm had improperly gained access to more than 87 million users. “Facebook has demonstrated through scandal after scandal that it doesn’t deserve our trust. It should be treated like the profit-seeking corporation it is, just like any other company,” said Senator Sherrod Brown .
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