(Francois Villeroy de Galhau), president of the Bank of France, said that while there is still room for improvement in cross-border transfers, the Libra must comply with anti-money laundering rules.
“The anonymity enjoyed by Libra users will greatly increase the risk of money laundering,” Gallo said in an interview, adding that Libra needs to ensure the security of transactions and user data.
“If the project is to provide banking services such as deposits in addition to the payment business, then it must apply for a banking license in the country where the business is used. Otherwise, it is illegal,” he said.
As the chairman of the Group of Seven, France has established a working group to address such issues at the international level.
The working group has been responsible for studying how cryptocurrencies such as Libra should comply with legal requirements, including anti-money laundering laws and consumer protection regulations.