Facebook Unveils Libra Cryptocurrency, Targeting 1.7 Billion Unbanked

Calibra is committed to keeping illicit activity off the platform and working with law enforcement globally

By admin -

18th June, 2019

As part of its services, Calibra intends to follow various anti-money-laundering and know-your-customer regulations in the jurisdictions in which it conducts business, according to a fact sheet.

Calibra registered as a money service business with the U.S. Department of Treasury and is now working to acquire money transmitter licenses in U.S. states “that treat cryptocurrencies as the equivalent of money.”

The subsidiary also intends to follow guidelines issued by the Financial Action Task Force and other national regulators, and will not conduct business in jurisdictions which have banned cryptocurrencies outright.

“Calibra is committed to keeping illicit activity off the platform and working with law enforcement globally,” the fact sheet said.

As part of its efforts to maintain compliance, Calibra will require ID verification. However, financial data and social media profiles will not be linked, according to company officials and the Libra white paper.

“The Libra protocol does not link accounts to a real-world identity,” the white paper states. “A user is free to create multiple accounts by generating multiple key-pairs.”

Other wallet providers will be able to build products on the Libra protocol when the network launches in early 2020, Facebook officials told CoinDesk.

The Calibra wallet will use similar verification and anti-fraud procedures that banks and credit card providers currently use, as well as systems to monitor accounts for unusual behavior in order to prevent fraudulent activity.

“Authorities charged with consumer protection have an important role to play in ensuring that all consumers, including the most vulnerable, can safely take advantage of financial innovation,” the fact sheet says.


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