Opinion: There is no need to set up a new regulatory body for Libra

According to AMBCrypto, Yaya Fauns, a researcher at Center on Economic and Financial Power, said in an interview with AMBCrypto that “Libra regulatory issues” indicated that there is no need to set up a new regulatory body. Yaya believes that national governments can “handle the implementation of anti-money laundering and anti-terrorist financing laws”, and organizations such as the Financial Action Task Force (FAFT) can develop global financing standards, while the Egmont Group (in 1995) The Financial Intelligence Center’s informal organization in Belgium can help coordinate financial intelligence in countries and therefore does not require an independent, specific agency. That would only be "the interference of bureaucracy." Yaya also said: "It seems redundant for the ECB to set up other law enforcement agencies to handle cryptocurrencies, which will undermine law enforcement and financial intelligence work in individual countries."