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Swiss welcome scrutiny in handling Libra cyrptocurrency: watchdog

Swiss welcome scrutiny in handling Libra cyrptocurrency: watchdog

9/12/2019 11:12:00 AM

Swiss welcome scrutiny in handling Libra cyrptocurrency: watchdog

Switzerland welcomes international scrutiny of the way it oversees the Facebook -...

ZURICH (Reuters) - Switzerland welcomes international scrutiny of the way it oversees the Facebook-led Libra cryptocurrency project and is ready to work with other countries to ensure seamless supervision, the top Swiss financial watchdog said.FILE PHOTO: A small toy figure stands on representations of virtual currency in front of the Libra logo in this illustration picture, June 21, 2019. REUTERS/Dado Ruvic/Illustration/File Photo

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Facebook (FB.O), 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 destabilize 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.

FINMA head Mark Branson told the Neue Zuercher Zeitung paper he was ready for the challenge.“If a financial center has ambitions, it must be able to live with attention,” he said in an interview published on Thursday, noting the Swiss embrace of fintech put it in a good place to handle such innovative and ambitious projects.

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. Read more: Reuters Top News »

This is good gesture from the Swiss!

The group overseeing Facebook's libra cryptocurrency will apply for a payments license in SwitzerlandThe Libra Association, the organization in charge of overseeing Facebook 's proposed cryptocurrency, said Wednesday it will apply for a payments license in Switzerland .

Global money-laundering watchdog closely monitoring Facebook's Libra, official saysThe global anti-money laundering watchdog is closely monitoring developments on ... Nice

Twitter CEO Jack Dorsey Made A Surprise Bitcoin Warning—While Trashing Facebook’s LibraTwitter CEO Jack Dorsey has now warned that bitcoin 'is not functional as a currency,' though still thinks bitcoin is preferable to something like Facebook 's planned libra digital currency Buy gold. Whoooo my first first comment h_mwawuda Lol

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Global money-laundering watchdog closely monitoring Facebook's Libra, official saysThe global anti-money laundering watchdog is closely monitoring developments on ... Nice

The group overseeing Facebook's libra cryptocurrency will apply for a payments license in SwitzerlandThe Libra Association, the organization in charge of overseeing Facebook 's proposed cryptocurrency, said Wednesday it will apply for a payments license in Switzerland .