“All cryptocurrencies in the United States must comply with regulatory requirements”

U.S. Deputy Treasury Secretary Segal Mandelker said all cryptocurrencies available in the United States must comply with regulatory requirements.

“The Libra cryptocurrency project, which Facebook is developing, and other cryptocurrencies available in the United States, must meet the highest standards of combating money laundering and terrorist financing,” said Sigal Mandelker, Deputy Minister of Finance for Terrorism and Financial Intelligence.

She made such a statement after meeting with representatives of the Swiss government, the Bank for International Settlements and other international financial organizations. The topic of discussion was the regulation of a new class of digital assets, including Libra, whose management company is registered in Geneva.

“Whether it’s Bitcoin, Ethereum or Libra, all companies must set the highest standards for combating money laundering and combating the financing of terrorism at the beginning of the development of the project,” says Mandelker.

The deputy minister believes that representatives of the cryptocurrency industry devote the lion’s share of time to the development of technologies, but practically do not pay attention to restricting access to their networks to terrorists and other undesirable elements that can use the network for a secret money transfer.

Read This Now: Banks secretly "attacked" cryptocurrencies. The digital euro is the first part, then we will lose financial privacy

She also expressed her opinion regarding the Facebook cryptocurrency initiative. According to her, Libra is still at an early stage and should right now lay down mechanisms that can prevent such crimes. “Swiss officials have a similar view,” she said.

Mandelker added that the other day she should meet with representatives of the Financial Market Operations Supervision Authority of Switzerland (FINMA) to discuss the problem of combating money laundering, as well as law enforcement measures against companies that ignore existing rules or even violate them.

Recall last week, President of the National Bank of Switzerland Thomas Jordan expressed
concern regarding stablecoins pegged to foreign exchange rates.