Facebook Inc's top official overseeing the launch of its Libra cryptocurren...
FILE PHOTO: Representations of virtual currency are displayed in front of the Libra logo in this illustration picture, June 21, 2019. REUTERS/Dado Ruvic/Illustration/File Photo
David Marcus, who oversees Facebook’s blockchain efforts, also plans to vow that Libra is not being built to compete with sovereign currencies or interfere with monetary policy. Marcus added in his prepared testimony that the Libra Association, the group of companies behind the cryptocurrency led by Facebook, plans to register as a money services business with the Treasury Department’s Financial Crimes Enforcement Network and fully expects to comply with anti-money laundering and Bank Secrecy Act rules.
Addressing some of those concerns, Marcus says in his testimony that partners providing financial services with Libra will be required to comply with anti-money laundering rules. The Libra Association will not hold personal data of users beyond basic transaction information, and personal information provided to Calibra, the digital wallet Facebook is developing to hold Libra, will not be shared with the social media company and cannot be used for targeting ads.
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