FATF: Stabilizing coins may have a serious impact on global action against money laundering and terrorist financing

According to Reuters, the Financial Action Task Force (FATF) recently stated that “stabilized currency” – a digital currency usually supported by traditional currencies – could trigger large-scale adoption of cryptocurrencies and peer-to-peer transfers, thereby reducing The needs of the middleman and hinder the fight against criminal behavior. The remarks made by the Paris-based Financial Action Task Force (FATF) underscore the global discomfort with the emergence of Libra. The group said that both small banks and the companies behind them will comply with global standards for cryptocurrencies and traditional financial assets. The Chairman of the Financial Action Task Force said to reporters in Paris: "If the Stabilization of the Currency Incident spreads, it may lead to new risks in money laundering and terrorist financing. Our job is to ensure that the new risks associated with stabilizing assets are fully addressed."