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Jul 16, 2019 | 14:35 GMT

1 min read

U.S.: Mnuchin Voices Treasury Department Concerns Over Proposed Libra Cryptocurrency

What Happened: U.S. Treasury Secretary Stephen Mnuchin has outlined U.S. concerns over Facebook's proposed Libra cryptocurrency and said the currency must be compliant with U.S. rules on anti-money laundering and terrorist financing, among others, Bloomberg reported July 15.

Why It Matters: The legal and regulatory architecture regarding cryptocurrencies remains underdeveloped and the Libra Association, which oversees the currency and its development, is registered in Switzerland, making it only subject to Swiss law.

Background: Facebook envisions Libra to be used as a digital currency to facilitate transactions and money transfers on the company's social media platform, which includes more than 2 billion people worldwide.

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