regulatory compliance, requiring government IDs just to create an account, other exchanges, like Seychelles-based BitMEX, allow for much more privacy, and simply cordon off users from more stringent jurisdictions like the U.S. with easy to circumvent geofencing.
“There is a perimeter,” says Libra co-creator and head economist of Facebook’s Calibra wallet, Christian Catalini, “but it's pretty basic and it's there to ensure that only good actors can enter and bad actors are kind of kept outside of the network.
Eventually, Catalini says, even central banks themselves could be given a degree of control over the assets behind the libra-currencies. “We wanted to give maximum flexibility and control to central banks,” he says. “Once we have the single currency stable coins available on the network, then creating a multi-currency Libra coin is extremely simple. You can think of it as stapling together a fixed amount of these underlying single currency stable coins.”...
The changes are part of what Disparte describes as a balancing act between creating a more accessible global financial infrastructure, and not upsetting the powers that be too much. As part of that push, Libra today announced it is continuing its work with the U.S. Financial Crimes Enforcement Network to register as a money services business, andthe Swiss Financial Market Supervisory Authority . “They need to have this kind of license in order to start with their product and launch their coin.”with the best way to disperse $2 trillion in aid to citizens and businesses following the COVID-19 pandemic, a rising tide of U.S.
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