David Marcus, Calibra’s CEO, recently stated that Libra’s anti-money laundering (AML) standards will be better than in current payment systems. The statements were made at the Money 20/20 conference held this week in Las Vegas.
In an interview with Finextra, Marcus said:
“I should point out that the effectiveness of sanctions enforcement can be much greater on Libra than on other payment networks.”
The core technology of the network is blockchain, which means that regulators can better track transactions and identify suspicious activities:
“The open ledger – blockchain – allows regulatory authorities to evaluate what’s happening in the code and identify where the risk is without relying on reports. It is our responsibility, of the Libra Association, to make the effort to demonstrate this improvement. ”
Digital wallet for Libra stable cryptocurrency
Marcus is the director of Calibra, which develops a digital wallet for Libra stable cryptocurrency. He added that any company can develop portfolios that will be integrated into the network, as long as it complies with KYC / AML standards:
“The caliber was designed to be competitive, but we still have to gain people’s confidence over time to use it.”
Marcus went on to say that Libra will change the lives of millions of people for the better, providing a global payment network.
He admitted that at present the authorities’ feelings towards the cryptocurrency project are not positive at all. However, Marcus emphasized:
“The most significant innovations that have changed the lives of millions of people around the world in a profound way have always been met with negative press headlines.”
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