Facebook is taking steps to comply with regulatory requirements for the upcoming launch of the Libra cryptocurrency, but many experts are concerned that this will not be enough.
According to Reuters, Facebook Calibra, a subsidiary, registered as a cash operator at the US Treasury Department for Financial Crime (FinCEN), applied for a license to transfer money in the United States, and began the process of obtaining BitLicense from York
In addition, the publication notes that the company communicated with representatives of the Financial Supervision Authority of the United Kingdom, the Bank of England and the Swiss financial regulator FINMA.
Facebook’s plans to release its own cryptocurrency include interaction with central banks, financial regulators, and law enforcement officials around the world. At the same time, as stated by the founder and chief investment officer of the venture company Anthemis, Sean Park, it may be necessary to obtain “hundreds, or even thousands of licenses from various regulators.”
Note that many authorities around the world have already expressed their negative attitude towards the Libra cryptocurrency. Last week, the chairman of the Federal Agency for Financial Supervision of Germany (BaFin) called on regulators to develop standards for Libra.
Earlier, the Bank for International Settlements warned that financial services offered by such large companies as Facebook, Google and Amazon could create new risks for the banking sector. The Governor of the Central Bank of Australia said that “Libra’s cryptocurrency developed by Facebook will not become popular soon,” and US lawmakers and the French Treasury opposed the release of cryptocurrency.