Calibra CEO David Marcus recently claimed that the Anti-Money Laundering (AML) standards of Libra — Facebook's proposed stablecoin project — volition exist better than other payments networks.

Citing statements from Marcus' speech communication at the Money 20/twenty briefing in Las Vegas, finance publication Finextra reports on Oct. 29 that he explained the nuances of the projection during an interview. He said, "I want to say that the efficacy of sanction enforcing tin can exist much higher on Libra than other payments networks."

Marcus stated that the network's underlying blockchain technology volition allow regulators to better trace transactions and identify suspicious activities, adding:

"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 united states to do that piece of work and at present that we take the governance structure in place, we can now demonstrate this improvement."

The CEO of Calibra — Libra'south corresponding wallet — added that any wallet could participate in the network, so long equally it was compliant with AML and know-your-customer standards. Marcus said, "Information technology was designed to be competitive, but we all the same need to earn people's trust over time to use Calibra."

A "truly global" payments network

Marcus went on to say that Libra volition change the lives of millions of people for the meliorate past providing a global payments network, maxim, "People deserve much better than they accept."

United States congressmen grilled Marcus on the Libra project earlier this summer, expressing concern and — in some cases — outright derision for the projection and its purported potential to facilitate coin laundering and other illicit activities.

Negative sentiment from regulators persisted when Facebook CEO and founder Marking Zuckerberg appeared earlier the House of Representatives Financial Services Committee earlier this month.

Regarding the negative press and bruhaha among observers, Marcus said at Money 20/20, "The almost meaningful innovations that have changed the lives of millions across the world in a profound way take e'er been met with damning headlines."