Bitcoin Falls; U.S. Treasury Says Libra Must Comply with AML Standards

© Reuters.

Investing.com – Bitcoin and other major cryptocurreny prices fell on Wednesday in Asia.

Bitcoin lost 2.5% to $10,047.2 by 1:20 AM ET (05:20 GMT). The digital coin continued to linger around the key $10,000 level as there was little market-moving news lately to trigger a meaningful move in either direction.

Ethereum declined 1.5% to $179.81, XRP traded 1.9% lower to $0.25678, while Litecoin dropped 1.5% to $70.577.

Sigal Mandelker, U.S. Treasury Under Secretary of Terrorism and Financial Intelligence, said Facebook’s Libra must meet the highest Anti-Money Laundering (AML) and terrorism financing standards.

Mandelker told reporters in Geneva on Tuesday that all crypocurrencies, including Facebook’s new proposed coin, must comply with local regulatory standards.

Libra has been under scrutiny from global regulators for the past few months since Facebook (NASDAQ:FB) in June revealed the plan to launch the coin next year.

The company is reportedly under investigation by the European Union over antitrust issues related to Libra, reports in August said. Lawmakers in the U.S. have also called for the Libra project to be stopped until further examinations and discussions have taken place.