David Marcus, Head of Calibra: Libra Won’t Compete with Central Banks

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David Marcus, head of Calibra, attempted to dispel concerns about Libra during Tuesday’s hearing before the US Senate Banking Committee. In the hearing speech, Marcus shed more light on the general direction Libra was taking, regarding its legal status and approach to privacy.Regarding the potential for Libra to become a private currency and compete with sovereign monetary policy by creating a secondary economy, Marcus stated this will not be the case:The other concern about Libra is that it will honor the Bank Secrecy Act, as well as customer screening (KYC) and anti-money-laundering (AML) procedures. The Libra Association will run under the oversight of Switzerland’s financial regulator, the Financial Market Authority (FINMA).The Libra Association also plans to register with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN), to comply with US-based regulations.The third chief concern was about user privacy and data gathering, exacerbated by Facebook’s history of gathering data and…

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