Facebook vows Libra currency will wait for approval as US airs worries

Treasury secretary took the unusual step on of saying he had serious concerns it could be used for illicit activity.

"Facebook will not offer the Libra digital currency until we have fully addressed regulatory concerns and received appropriate approvals," he said. "They’re going to have to convince us of very high standards before they have access to the U.S. financial system," he said.Mnuchin is the latest senior U.S. regulator to air concerns with the product, days after Federal Reserve Chairman Jay Powell expressed similar worries about the digital currency could be misused.

Addressing some of those concerns, Marcus said in his prepared 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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