Mastercard CEO Ajay Banga told the Financial Times on Monday that important members of the Libra Association wouldn’t give a firm commitment to follow local laws in all circumstances, including know your client (KYC) and anti-money laundering (AML) regulations.
The Bank of England’s statement said the group will explore “CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies.”
Banque de France Governor François Villeroy de Galhau is planning to test a central bank-issued digital currency by 2020 to do it. Along the way, he’s making a play for French leadership of the European economy.
The tech giants that already know everything about you, and now they want to be your banker, too. What could possibly go wrong?