‘Stablecoins’ could hinder efforts to stamp out money laundering – global watchdog

Euronews | Oct 18, 2019 at 4:05 PM
  • The spread of cryptocurrencies such as Facebook’s Libra could have serious repercussions for worldwide efforts to detect and stamp out money laundering and terror financing, a global watchdog on illicit finance said on Friday.
  • Stablecoins are designed to overcome the wild price swings that have rendered bitcoin and other cryptocurrencies impractical both for commerce and payments and as a store of value.
  • Facebook unveiled Libra, a stablecoin backed by currencies from the dollar to the euro and government debt.