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. 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.
Shopify Joined The Libra Association As Many Giants Leave
“As online commerce becomes increasingly borderless, it’s easy to forget that payments and the value exchange of goods are not a solved problem everywhere,” stated the firm.Having in mind the inability of the existing world financial infrastructure to comprehend the scale of internet commerce, the firm concentrated on digital assets to assist the growth of its platform. Joining the Libra Association is only one of the measures Shopify will be taking in order to position itself as a solution to this worldwide problem. But with companies like Visa, MasterCard, Stripe, PayPal and eBay leaving the Libra Association, the decision of Shopify to join the group was met with criticism and mystification. The future of the Libra project is still unknown because many of the governments around the globe worry about the potential consequences on the global financial system that can come from Libra. The CEO of Shopify, Tobi Lutke, defended the decision of the company to join the disintegrating association, stating that the future of the project is what drew them to it.
“We like to make decisions based on future potential instead of heard movement. Funnily enough, this usually leads to us doing the opposite of the others.’’Tobi Lutke also stated that the firm will start accepting Bitcoin (BTC) directly if there is significant buyer demand. Shopify at this moment supports crypto payments through the merchant payment solution of Coinbase, Coinbase Commerce. Through the integration, millions of shoppers and merchants will have the opportunity to pay and get paid in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and Dai.
Calibra Lead Explains Why Facebook Built New Language For Libra
“Move is a new smart contract language built into the core of Libra that is designed to bring a modern approach to today’s financial systems.”Maurer also mentioned that Libra's mission is to solve the lack of access to financial services. He noted that even 1.7 billion adults globally are unbanked, yet 1 billion of those individuals have mobile phones. The Calibra lead also spoke about migrants and how they lose $25 billion a year due to remittance transaction fees. He explained that he recently spoke with someone who had to go to a physical store and pay a fee in order to send money to their family:
“As a technologist, we should be uneasy that someone has to go to a store and pay a fee to send money. Libra is trying to solve this problem by building a new global payment system powered by blockchain.”According to Maurer who is a Calibra lead, Libra offers unique advantage to users and developers which is direct access to its platform, creating an inclusive financial system for all:
With Libra, users don’t have to rely on intermediaries to store funds. Libra offers direct access to the platform and creates a more inclusive system. Developers can also access the platform and build applications to help provide services for people not included in today’s financial system.”Maurer also explained that the idea was to build a language which is designed to fit with the paradigms used when programming with money. He was featured in the altcoin news for describing Libra as a stablecoin that is focused on payments and financial use cases for consumers.
"When building Move, we focused on creating a safe, flexible language that allows us to express concepts that are easily tweakable and easy to analyze for financial use cases," he concluded.
EU Does Not Know What To Do With Facebook’s Libra Coin
“I actually don’t know if Libra is going to work.”Government bodies in the United States and EU are right now working on better understanding crypto. Meanwhile, 2020 is proving to be a great time for cryptocurrencies not only because of their surge but also because of their acceptance. As all of this is happening, the Commission launched an open public consultation which will be available until March 19th, while the Internal Revenue Service (IRS) in the United States is preparing for a cryptocurrency summit which is expected to take place on March 3rd this year. All in all, Libra is creating problems for regulators and no one knows how its future will unfold. From a regulatory perspective, Libra is not the only stablecoin but is certainly one which could become the most popular one.
Mastercard Left Libra Over Regulatory And Viability Concerns: CEO
“It went from this altruistic idea into their own wallet. I’m like: ‘this doesn’t sound right,’" Banga told the news.Mastercard left Libra because of reasons which are now emerging. According to Banga, financial inclusion would mean that a government is able to pay citizens in a certain currency which they must be able to understand how to use and must be usable in day-to-day transactions for items such as food.
"If you get paid in Libra [coin] . . . which go into Calibras, which go back into pounds to buy rice, I don’t understand how that works," he said.The cryptocurrency news today also show that a lack of a clear business model for Libra is what raised another red flag for Mastercard. The Libra coin news before showed that Mastercard was not the only one leaving the stablecoin project - firms like Visa and PayPal did the same at the same period.
"When you don’t understand how money gets made, it gets made in ways you don’t like," the CEO of Mastercard said.Once Mastercard left Libra, the company started investigating the potential use of the project. Banga appeared to have concerns when association members would also not firmly commit to the controls of data management including the know-your-customer (KYC) and anti-money laundering (AML) legislation. Visa, on the other hand, had pulled out because the project had not been able to "satisfy all requisite regulatory expectations" as a spokesperson later confirmed. Out of the 28 founding members of the Libra project, eight have left. The British telecom conglomerate Vodafone was the last leaving in January 2020 when it decided to focus on its own digital payments service. As Mastercard left Libra, the payments giant adopted a very cautious approach to distributed ledger technology.
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