Libra Chief David Marcus has claimed that the Anti Money Laundering Standards of the underfire project are superior to any other payment networks on the market today.
Libra Scrutiny Means Its On Track, Says Chief
Marcus is the CEO of Calibra, the corresponding digital wallet of Libra, and previously served as president of PayPal and a member of the Board of Directors at Coinbase. Speaking at the Money 20/20 conference in Las Vegas, he said, “I want to say that the efficacy of sanction enforcing can be much higher on Libra than other payments networks.” He pointed to the benefits of blockchain technology in enabling regulators to quickly identify risks in the system without having to rely on external reports.
Libra has been under fire from regulators in the US and Europe, who fear that it poses a threat to the economic sovereignty of nations. Speaking on that scrutiny, Marcus said, “These headlines are a preamble to more hard times ahead, and we must govern the network into a place where it will meet regulatory standards, then we will see the network come to life. People deserve much better than they have.” However, he added that the scrutiny was a sign that Libra was on the right track, saying the most meaningful innovations are always met with “damning headlines.”
The Libra Association
Despite the criticism, the Libra Association was officially launched earlier this month at its headquarters in Geneva. The Association’s charter was signed by 21 founding members, down from the original figure of 27 after several high profile defections, including Visa (NYSE:V), PayPal (NASDAQ:PYPL), and Mastercard (NYSE:MA), which all jumped ship after it was announced that Mark Zuckerberg would defend his plans to launch Libra before a Congressional committee.
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At the launch, Libra announced its executive team, which will include Marcus as well as four other high profile figures in the digital payments industry. Katie Haun, a general partner with Andreessen Horowitz; Wences Cesares, CEO of Xapo; Patrick Ellis, general counsel at PayU; and Matthew Davie, chief strategy officer of Kiva, will complete the five-person board.
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