US treasury secretary concerned over Facebook’s planned Libra cryptocurrency

Written by on July 16, 2019

Washington, DC, United States (4E) – US treasury secretary Steven Mnuchin said he’s concerned over Facebook’s planned Libra cryptocurrency, saying at a Monday press conference it could be used by “money launderers and terrorist financiers” and may be a national security issue.

Mnuchin said he was “not comfortable”, which is a similar view as US President Donald Trump and officials with the US central bank.

Cryptocurrencies “have been exploited to support billions of dollars of illicit activity like cyber crime, tax evasion, extortion, ransomware, illicit drugs and human human trafficking,” Mnuchin added.

Facebook executives will state their case before a congressional committee Tuesday.

David Marcus, who oversees Libra, said Facebook will address regulatory issues with it before launching the currency.

“The Libra Association, which will manage the [Libra] reserve, has no intention of competing with any sovereign currencies or entering the monetary policy arena.

“Monetary policy is properly the province of central banks,” he said. “Facebook will not offer the Libra digital currency until we have fully addressed regulatory concerns and received appropriate approvals.”

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