The News Scroll 16 July 2019  Last Updated at 12:31 am | Source: PTI

Facebook must meet ''very high standard'' for digital currency: Treasury chief

Facebook must meet ''very high standard'' for digital currency: Treasury chief
outlookindia.com
1970-01-01T05:30:00+0530
Washington, Jul 15 Facebook will need to meet "a very high standard" before it moves ahead with its planned digital currency Libra, US Treasury Secretary Steven Mnuchin said Monday.

Mnuchin said US regulators have already expressed concerns to Facebook about the plan for a global cryptocurrency, noting that these kinds of virtual coins have in the past been associated with money laundering and illicit activities.

"Whether they''re banks or non-banks, they''re under the same regulatory environment," Mnuchin told reporters at the White House, adding that Facebook "will have to have a very high standard before they have access to the financial system." SCY SCY


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