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.

157237936684271716

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

This article comes from the push bitpush.news, reproduced need to indicate the source.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

After the FCoin thunderstorm, rethink everything about platform coins and centralized exchanges

Source of this article: Odaily Planet Daily , original title "In the lifetime, was it pitted by FCoin?" &#x...

Blockchain

The compliance exchange is about to appear in Singapore?

On December 18, 2019, the official website of the Monetary Authority of Singapore (hereinafter referred to as "M...

Blockchain

Exchanges are temporarily withdrawing cash, data is garbled, or the Amazon server failure in Tokyo

According to Yahoo Japan, the Amazon Web service failed at around 13:00 on August 23, 2019. The service that failed w...

Blockchain

The pace of competition is accelerating, how can the new exchange break with the finer operations?

The cryptocurrency exchange is still a good business. Recently, the Currency Exchange announced the eighth BNB quarte...

Blockchain

DeSpread Research Data Analysis of Centralized Exchanges and Investor Behavior in South Korea

According to a survey by the Korea Financial Intelligence Unit (KoFIU), it is expected that the number of cryptocurre...

Blockchain

Alameda Research's $200M Blow A Tale of Phishing Attacks and Poor Security Practices, as Confessed by Ex-FTX Engineer

Aditya Baradwaj has revealed that a file containing blockchain private keys and exchange API keys was left vulnerable...