Facebooks currency Libra gets helps

No approval from Libra is in sight. Now the network is wooing high-ranking US officials.The Libra Association has not yet surrendered. After governments and authorities around the world tumbled against the stable coin and Mark Zuckerberg had to answer questions before the US Congress, Libra is breaking new ground. To meet the regulatory requirements for approval, the consortium is now getting new support. With Robert Werner, the association hires the former head of the Financial Crimes Enforcement Network (FinCEN). FinCEN is a U.S. federal agency dedicated to combating anti-money laundering and terrorism.The signal is clear: Libra wants to address concerns about possible misuse of the cryptocurrency for criminal purposes.

 

Turn 1.0 into 2.0

Werner’s obligation is also directly related to the realignment of the Facebook coin. Because as can be seen from the clearly revised second version of the white paper, Libra is increasingly moving on the central bank line. Contrary to what was originally announced, the association wants to issue a whole range of different stable coins. These are each covered by national fiat money such as US dollars, euros or yen. Originally, the plan was to only issue a single coin, which should, however, be tied to a basket of different assets.The direction of the move seems clear: Libra is not working against authorities and central banks as initially, but is looking for cooperation. According to Libra, it could also be integrated into a possible system of digital central bank money.