French Central Bank: Facebook’s Libra May Need Banking License

The Bank of France Governor said that Facebook’s Libra must comply with anti-money laundering regulation and seek banking licenses if it offers banking services...

Per the report, while Villeroy admitted during an interview with French magazine l’Obs that there was room to improve cross-border money transfers. He also pointed out that Facebook’s libra project has to comply existing banking regulation because “the risks are increased by the anonymity that Libra users would have.”

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