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He later added that Facebook's cryptocurrency must comply hat jordan with AML regulations and seek banking licenses if it offers banking services. While Villeroy reportedly admitted during an interview with French magazine l'Obs that there was room to improve cross-border money transfers, he also pointed out that Libra has to comply with existing banking regulation because "the risks are increased by the anonymity that Libra users would have." The head of France's central bank also touched on possible requirements for a banking license.

India  which is notably the largest market for Facebook  has presented itself as one of the most hard-to-reach territories for the social media titan's cryptocurrency. In fact, Facebook has already announced hat knitting patterns it won't be offering its Calibra product in India , at least in the near future. According to Bloomberg, that means that the company has effectively cancelled "the rollout of its Libra cryptocurrency in the country."

While it is hat for summer currently unclear how Japanese regulators will treat Libra as a result of their discussion, the central bank has already expressed its concerns regarding the tech giant's project. Thus, a Bank of Japan official has reportedly stated that Libra will pose a risk to financial systems by "piggybacking for free on a financial system that takes heavy costs." The central bank representative added, "It will move money into an absolutely virtual world, so it is completely different hat wholesale than other forms of digital payment."

But what if Libra is prohibited by U.S. regulators? A Calibra executive limited the answer to that question by saying that "Libra can do a lot of good for a lot of people," during the interview with TechCrunch , which may suggest that Facebook might not have a plan B at the moment. In any case, even if U.S. authorities do not have the explicit power to stop Facebook from launching Libra, the social media giant won't risk coming into conflict, according to what John Todaro, director of research at Tradeblock, told Cointelegraph.

If there is a new subset of rules and regulations that are adopted around Libra, this rule-set would then likely be applied to many existing digital currencies. That being said, many bucket hat kangol existing digital currencies, such as Bitcoin, are sufficiently decentralized so that even if governments seek to censor or limit proliferation of certain currencies, there is only a limited course of action governments can take.

States, provinces and municipalities could use cryptocurrencies to fund projects and programs. Municipal cryptocurrencies  that is, cryptocurrencies launched by cities  could offer citizens a new way to invest in a certain location and even buy goods while helping governments to fund projects. Campbell Harvey from Duke University told Cointelegraph that municipal cryptocurrencies could provide a mechanism to fund certain projects. According to Harvey: