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I think this coin is a really bad idea. Its just centralizing a crypto coin and then removing the laws around money because now a dollar has a libra coin wrappe
by CaptainZapp 7y ago
I think this coin is a really bad idea. Its just centralizing a crypto coin and then removing the laws around money because now a dollar has a libra coin wrapper on it so it's obviously totally different than a dollar.
Good luck with regulators. Especially regulators in the financial industry.
I don't really think that creating a Facebook account is satisfactory to cover KYC(1) and AML(2) rules, as a for example.
But they're many other examples in finance where the "better ask forgiveness than permission" will get you a go straight to jail, don't collect 200 libra on your way there card if violated.
(1) Know Your Customer
(2) Anti Money Laundring
- sjy 7y agoCan you provide an example of a person in the financial industry who went to jail for violating regulations of the kind you are talking about, as opposed to fraud/dishonesty?
- CaptainZapp 7y agoRaj Rajaratnam[1] would be a fine example. He got 11 years for insider trading. There's also Matthias Krull[2]. Sentenced to ten years for money laundring. [1] https://en.wikipedia.org/wiki/Raj_Rajaratnam https://en.wikipedia.org/wiki/Raj_Rajaratnam [2] https://www.swissinfo.ch/eng/criminal-conviction_former-swiss-banker-sentenced-for-money-laundering-in-venezuela/44507168 https://www.swissinfo.ch/eng/criminal-conviction_former-swis...
- sjy 7y agoI think that it would be more accurate to describe "14 counts of conspiracy and securities fraud" and "a plot to launder $1.2 billion from Venezuela's state-owned oil company" as fraud and dishonesty, rather than regulatory violations.