Libra, Mark Branson, Scrutiny, Switzerland

Libra, Mark Branson

Swiss welcome scrutiny in handling Libra cyrptocurrency - watchdog

Swiss welcome scrutiny in handling Libra cyrptocurrency - watchdog

12.9.2019

Swiss welcome scrutiny in handling Libra cyrptocurrency - watchdog

Switzerland welcomes international scrutiny of the way it oversees the Facebook-led Libra cryptocurrency project and is ready to work with other ...

Facebook, the world's largest social media network, announced plans in June to launch the new digital currency, but Geneva-based Libra has come under fire from regulators who fear it could destabilise the global financial system.

The Libra Association said on Wednesday it planned to apply to become a Swiss-licensed payments system, casting the spotlight on how the Swiss Financial market Supervisory Authority (FINMA) handles the matter.

It was ready to work with other countries taking a keen interest in Libra, as visits from top-level U.S. officials and warnings from the Group of Seven advanced economies have shown.

"A project of such a global dimension can be addressed only via international coordination and consultation with other supervisors and regulators," Branson said."It is illusory to believe a single country can regulate and oversee a project like Libra on its own. The supervision of (big Swiss banks) UBS or Credit Suisse also does not take place in complete isolation."

"At the same time, new technologies can also bring benefits in the fight against money laundering, for example if traceability of transactions becomes fully available. So there are risks and opportunities."

Branson insisted that the Libra project did not choose Switzerland as its base after a"beauty contest" to see where it might face the lightest regulatory touch.

Read more: CNA

Facebook's Libra seeks Swiss payment system licenseFacebook's Libra cryptocurrency project is seeking a Swiss payment system license, financial watchdog FINMA said on Wednesday, noting the breadth of the planned services would require broad oversight. The world's largest social media network announced plans in June to launch a cryptocurrency

Facebook's Libra seeks Swiss payment system licenceFacebook's Libra cryptocurrency project is seeking a Swiss payment system licence, financial watchdog FINMA said on Wednesday, noting the breadth ...

Facebook's Libra seeks Swiss payment system licenseFacebook's Libra cryptocurrency project is seeking a Swiss payment system license, financial watchdog FINMA said on Wednesday, noting the breadth ...

Swiss-based Libra will have to meet tough US standards: US TreasuryThe Facebook-led Libra cryptocurrency project must meet the highest standards for combating money laundering and terrorism financing, a senior U.S.

Swiss-based Libra will have to meet tough US standards - US TreasuryThe Facebook-led Libra cryptocurrency project must meet the highest standards for combating money laundering and terrorism financing if it is to ...

Libra cryptocurrency must meet tough regulatory standards: US TreasuryThe Facebook-led Libra cryptocurrency project must meet the highest standards for combating money laundering and terrorism financing, a senior U.S.

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