Treasury chief: Facebook currency plan ripe for illicit use
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Summary
Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”If they want to get into the financial business, Facebook and its dozens of partner companies in the venture will have to accept the kind of tight regulation that banks are under, the president said.The Treasury chief’s comments went further, though, tying Libra directly to concerns over potential use for money laundering, drug and human trafficking, tax evasion and other crimes.Facebook has “a lot of work to do before we get to the point where we’re comfortable with it,” Mnuchin said.On Tuesday, Congress begins two days of hearings on Facebook’s Libra plan.
As said here by MARCY GORDON