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The US Treasury Secretary today put a big dent into Facebook's Libra cryptocurrency plans, by claiming it would be a "national security risk," as well as a likely source of money laundering for – among others – terrorists.
Steven Mnuchin held a press conference to make sure his attack got wide coverage. In it, he criticized all cryptocurrencies for having "been exploited to support billions of dollars of illicit activity like cybercrime, tax evasion, extortion, ransomware, illicit drugs and human trafficking." He then singled out Libra and said he was "not comfortable today" with Facebook's launch plan.
Mnuchin - Comments - Days - President - Trump
Mnuchin's comments come just days after President Trump decided he had an opinion on cryptocurrency and announced to the world that he was "not a fan" of them and noted they were used for a range of illegal activities. Trump also suggested that Facebook would need a bank charter to launch Libra. Munchin reflected his boss' view and said Facebook had "a lot of work to do" before it could launch a digital currency.
Meanwhile, Facebook had seen the writing on the wall and try to get ahead of Mnuchin's attack by drawing attention to the comments that the head of the social network's financial services arm Calibra, will make to a congressional hearing on Tuesday.
David - Marcus - Testimony - PDF - Facebook
David Marcus will say in written testimony [PDF] that "Facebook will not offer the Libra digital currency until we have fully addressed regulatory concerns and received appropriate approvals."
That promise to put plans on hold comes after Congressmen also started making noises about how the plans need...
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