Financial regulators in the world’s seven biggest economies will continue to oppose the launch of Facebook’s digital currency Libra until proper regulations are in place.
Stevan E. Bunnell, former general counsel for the U.S. Department of Homeland Security, has taken up post as Facebook Libra’s chief legal officer.
Facebook Financial—to be known internally as F2—aims at making the social media giant a big player in the payments industry.
Almost a year after Facebook’s Libra was first announced, the outlook for the stablecoin looks starkly different.
The Libra project is looking to get things off the ground in a different way, applying for a financial license with the Swiss regulator.
Realizing that a basket of fiat currencies would never please anyone, Libra has now shifted to developing several stablecoins.
The Financial Stability Board published a list of recommendations in a bid to shape a common global response to regulating stablecoins.
Regulators in the European Union are reportedly struggling to decide how best to regulate Facebook Libra and the wider sector.
Cryptocurrencies, and those developing them, must conform to existing anti-money laundering principles or face action.