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Facebook coin enters ML and Terrorist Financing Department

2019-06-19 01:29 pm | Resource: News Section | No Views : 100

Facebook coin enters ML and Terrorist Financing Department Facebook has been the focus of many news in the last couple of days due to Facebook Coin Libra, which was announced on Tuesday (June 18th).
Although many believe in the encrypted currency market, Libra will be an e-commerce tool for millions of users of the social networking giant, but there is speculation that has emerged and likened it to bitcoin (BTC), where the currency can also be used in anti-social activities such as money laundering and financing Terrorism, etc., with legislators and regulators alike.
The new digital currency Libra will allow Facebook users to buy influential products on Instagram faster than traditional currencies, and Facebook will also make "money for fees per transaction processed."
According to analysts from Merrill Lynch:
"Facebook Coin can be used as a payment mechanism to eliminate friction across the various services. We believe that launch is an important initiative for the company as it builds an environmentally friendly messaging system with e-commerce capabilities."
The encrypted currency will not require a bank account and the value of the currency will be supported by a basket of paper currencies. However, some believe that there are significant opportunities for the rest of the Facebook family, such as WhatsApp and Instagram used in money laundering activities.
Charlie Delingbull, CEO of Comply Advantage, an anti-money laundering consulting firm, said:
"Facebook's money-laundering business, what Facebook did, is likely to lead to an explosion in the financing of terrorism."
According to Politico, an unnamed US Treasury official believes that digital coins are tools such as cocaine and Rolls-Royce, which can be used by criminals and are therefore a matter of US security.
Organizers, who have opposed the digital currency market since the first day and say they can be used for money laundering, say it will be up to Facebook to prove it is wrong.
Since the announcement of Facebook Coin and the company of the world social networking site Facebook, a barrage of statements by many of the world's most famous economists, look at the new currency as if able to make a lot of mistakes, and so far did not respond to all these statements.

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