David Marcus: Libra's anti-money laundering standard is higher than other payment networks

David Marcus, head of blockchain for social media giant Facebook, claims that Libra's anti-money laundering (AML) standard, which Facebook plans to launch, will outperform other payment networks.

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According to financial publication Finextra, Marcus made the remarks at the Money 20/20 conference in Las Vegas. He said in an interview, "I want to say that the efficiency of regulation on Libra may be It is much higher than other payment networks."

Marcus said the network's underlying blockchain technology will enable regulators to better track transactions and identify suspicious activity, he added.

“The blockchain as an open ledger allows the regulator to view the data and determine where the risk is, without relying on the investigation report. We are responsible for this work, and with the appropriate governance structure, we can now prove this improvement. ""

As the head of the encrypted wallet Calibra, Marcus also said that any wallet can be added to the network as long as it conforms to the AML and KYC standards. “Our design is designed to increase competitiveness, but we still need to gain trust in order to promote the use of Calibra,” Marcus said.

Marcus believes that Libra will improve the lives of millions of people by providing a global payment network because "people should get a better life."

Since its announcement in June this year, Facebook's Libra project has been opposed and questioned by governments, central banks, and legislative and regulatory agencies. Marcus said, "The most meaningful innovations will profoundly change the lives of millions of people around the world, which will inevitably attract people's attention."

Image source: pixabay

By Xiu MU

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