Libra Chief David Marcus Opens Up About Libra’s Potential to Outperform Other Anti Money Laundering Systems

As reported by CryptoNewsZ, “David Marcus, the spearhead of Facebook’s Libra Project bragged about the social media giant’s highly anticipated stablecoin and its potential to curb money laundering practices in the best possible way in comparison to the current payments systems. The Libra chief shared his views on the cryptocurrency project while addressing an audience at the Money 20/20 USA meet, which was organized in Las Vegas between 27 to 30 October 2019.

“‘If you want to change the way that money moves around, there is no better way,’ quoted Marcus while explaining about the Libra project.

“He added that

“‘AML is something we need to address, and…the efficacy of sanction enforcing can be much higher on Libra than other payments networks. Digital to digital is more traceable than when cash in involved and will be more secure as it will run on real-time systems.’

“David Marcus affirmed that blockchain technology can trigger a more secure, transparent, and reliable payments ecosystem. The leader stated that

“‘The open ledger – the blockchain – enables regulators to look at what is happening themselves and identify where the risk is without relying on reports. The onus is on us to do that work and now that we have the governance structure in place, we can now demonstrate this improvement.’

“As per the reports, if everything falls into the right place, Facebook will kickstart the launch of Libra across its widespread network of 2.4 billion users in 2020…”