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It has been 3 weeks since Facebook announced plans for the new Libra cryptocurrency, and banks have not yet publicly bought in. Reasons that different banks have cited for not yet supporting Libra include banks' own cryptocurrencies/digital coin projects, a complex regulatory environment, and the risk that Libra becomes a competitor to banks' own services. Additionally, no bank was a founding member of the Libra Association.
Mike Corbat, head of Citigroup, recently said that even though he was a “true believer” in cryptocurrencies and their underlying blockchain technology, Citi’s capacity to participate is constrained, “The challenge with cryptocurrencies is the opaqueness as to the sources of the money,” he said, referencing anti-money-laundering standards banks are held to. “It would be outside our ability to take or send those monies on behalf [of people who hold them].”
https://www.ft.com/content/f0cbb0a0-9e40-11e9-9c06-a4640c9feebb
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