Breaking: U.S. Treasury Secretary Mnuchin - Facebook must clear privacy concerns to continue with Libra
|- Bitcoin, Facebook, and other cryptocurrencies asked to put measures against misuse and money laundering.
- Libra and cryptos will be discussed extensively in the upcoming G7 meeting.
The United States Treasury Secretary Mnuchin has come out ahead of Facebook’s Congress hearing to raise concerns for the impending Libra cryptocurrency. Mnuchin maintains that Facebook, Bitcoin as well as other cryptocurrencies must put in place safeguards that prevent illegal use and money laundering.
The Treasure is also concerned about Bitcoin’s speculative nature and that the officials are having meetings with the team at Facebook to discuss Libra. Privacy is one of the major issued with Libra and that Facebook has a task to convince them otherwise.
While Mnuchin admits that Trump has serious concerns about cryptos, the administration has no plans of targeting particular provides. Moreover, cryptos will take center stage in the upcoming G7 meeting.
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