Steven Mnuchin, the Secretary of the US Treasury, has no issue with the launch of the Facebook-led Libra project, as long as financial rules are followed.
On December 5, it has been reported by Bloomberg that Mnuchin is ‘fine’ with Libra launch.
“I’m fine if Facebook wants to create a digital currency, but they need to be fully compliant with financial secrecy and anti-money laundering rules. In no way can this be used for terrorist financing.”
However, Mnuchin was speaking in Washington, D.C. at a hearing of the House Financial Services Committee in response to a question from a lawmaker.
Since Libra was announced in June, much to the ignorance of the globe’s regulators and central banks, Mnuchin indicated that he met with Facebook a dozen times to talk over regulatory concerns. That’s slowed the pace of the payments project’s move toward launch.
Likewise, Libra will be a stablecoin for payments through Facebook platforms and other wallets and products and is likely to be pegged to a basket of national currencies and government bonds.
Bloomberg wrote that at the hearing, Mnuchin also said that the US is unlikely to develop a digital currency in the near term.
“[Federal Reserve Chair Jerome] Powell and I have discussed this – we both agree that in the near future, in the next five years, we see no need for the Fed to issue a digital currency.”
Thus, the hearing saw questions over China‘s plans to launch a digital yuan in the near future. The European Central Bank also made comments recently that it might launch a digital currency if traditional payment methods are not improved for consumers.
Source: bloomberg.com |coindesk.com
Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.
Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.
We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.