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Libra cryptocurrency must meet tough regulatory standards-U.S. Treasury

Credit: REUTERS/Dado Ruvic

The Facebook-led Libra cryptocurrency project must meet the highest standards for combating money laundering and terrorism financing, a senior U.S. Treasury official said on Tuesday.

BERN, Sept 10 (Reuters) - The Facebook-led FB.O Libra cryptocurrency project must meet the highest standards for combating money laundering and terrorism financing, a senior U.S. Treasury official said on Tuesday.

Any cryptocurrency project, including Geneva-based Libra, operating in all or substantial parts of the United States will clearly have to satisfy U.S. regulatory standards, U.S. Under Secretary of Terrorism and Financial Intelligence Sigal Mandelker told reporters in the Swiss capital.

Digital currencies such as Libra raise serious concerns and must be regulated as tightly as possible to ensure they do not upset the world's financial system, Group of Seven finance ministers and central bankers had said in July.

(Reporting by Brenna Hughes Neghaiwi, Editing by Michael Shields)

((Michael.Shields@thomsonreuters.com; +41 58 306 7461; Reuters Messaging: michael.shields.thomsonreuters.com@reuters.net))

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