Facebook has the Scale, will need to comply with anti-money laundering rules: a French and central banker

Representations of virtual currency are to be displayed on the front of the monitor the logo in this illustration picture the 21 of June, 2019 at the latest. REUTERS/dado Ruvic/Illustration

PARIS (Reuters) – Facebook has scheduled a global ‘Balance’ cryptocurrency needs to respect the anti-money laundering rules and regulations and the need to search for a banking license if, in the offer of banking services, France’s central bank chief said in an interview with the magazine.

Facebook Inc. announced plans last week for the launch of a new global cryptocurrency, called Scale, as part of an effort to expand into digital payments.

Bank of France Governor, Francois Villeroy de Galhau said, ” there is room for improvement in the cross-border credit transfers, the balance-to-follow anti-money laundering rules and regulations.

“The risks have increased because of the anonymity that the the Scale, users would have,” Also said in an interview with the French weekly magazine “L Note, that the Scale would have to be careful to make the transactions, and the users’ data are safe and secure.

“If the project is intended to continue the payments for the provision of banking services, including deposits, will need to be regulated like a bank with a banking license in all of the countries in which it operates. Otherwise, it would be illegal,” he said.

In france, it is his years of the presidency of the Group of Seven nations (G7) to set up a task force to address these problems on a global scale.

It has been entrusted with the study of how the cryptocurrencies, as the Scale is governed by legislation, ranging from anti-money laundering legislation and the protection of the consumer of the rules.

Reporting by Leigh Thomas; Editing by Sudip Kar-Gupta

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