David Marcus (Calibra) Touts Libra’s Money Laundering Standards

The head of Calibra which is Libra’s expected wallet is in the latest cryptocurrency news for touting the anti money laundering standards that the project has. The CEO of Calibra David Marcus recently claimed that the Anti-Money Laundering (AML) standards of Libra will be better than many other payments networks.

Marcus had a speech at the Money 20/20 conference in Las Vegas.
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The media outlet and finance publication Finextra reported his speech on October 29 and said that he explained the nuances of the project during an interview. According to the publication, David Marcus said that “the efficacy of sanction enforcing can be much higher on Libra than other payments networks.”

Marcus was also in the Libra coin news for stating that the network’s underlying blockchain technology will allow regulators to better trace transactions and identify suspicious activities.

“The open ledger – the blockchain – enables regulators to look at what is happening themselves and identify where the risk is without relying on reports. The onus is on us to do that work and now that we have the governance structure in place, we can now demonstrate this improvement,” the head of Calibra added.

David Marcus also said that any wallet could participate in the network, as long as it was compliant with the Anti Money Laundering (AML) and Know Your Customer (KYC) standards. He revealed that  “It was designed to be competitive, but we still need to earn people’s trust over time to use Calibra.”

The CEO of Calibra also went to say that Libra is going to change the lives of millions of people for the better and provide a global payments network. He is confident that “people deserve much better than they have” and that despite everything that happened to Libra, the project has a bright future.

As we could see in the news before, United States congressmen grilled David Marcus before on the base of the Libra project, when they expressed concern and in some cases their outright decision for the project and its potential to facilitate money laundering and other illicit activities.

There was a lot of negative sentiment around Libra when the founder of Facebook Mark Zuckerberg appeared before the House of Representatives Financial Services Committee this month – and David Marcus went to defend him from the negative press afterwards.