country flagالعربية

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.

Other news

More news

Best trading brokers

All Rights Reserved
Risk Disclaimer: Trading in foreign exchange market (Forex) includes the risks and the possibility of loss. That is why we are keen on providing the highest quality news and analysis concerning the different markets traded. The opinions expressed in the site indicate the opinion of the author only and not the views of the administration or the public, knowing that errors could be encountered and there is a possibility to commit them. Before starting to trade you should carefully consider your investment objectives, and review the level of experience and risk appetite. In some cases, possible high leverage can lead to loss of funds invested, so you can not invest money that you can not handle its possible loss. You should be aware of all the risks associated with foreign exchange trading and seek for advices from an independent financial advisor if you have any does not assume any responsibility after the occurrence of financial loss to the dealer and the user carries full responsibility for the losses resulting from the use of news, analysis and data on the site.