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Socite Generale VP: Facebook’s Libra is a STO rather than Currency

[ChainDD report] June 24 (ChainDD) In his blog article released on Finextra, Prasoon Mukherjee, the vice president at Societe Generale Global Solution Center, noted Libra is effectively a security token offering (STO) instead of a currency. Unlike most of other STOs, Libra is endorsed by Facebook and many established companies as the founding member of the Libra Association including PayPal, Spotify, Uber. Like all the other STOs, Libra will have to comply with regulatory governance related to STOs, in all countries where it will be transacted. Additionally, like most securities, LIBRA will be held safe at depositories and with custodians (for institutional holding) and traded at exchanges against money as currency to ensure that there is sufficient liquidity.

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