Money: Facebook's Libra seeks Swiss license after backlash for crypto project - PressFrom - United Kingdom

MoneyFacebook's Libra seeks Swiss license after backlash for crypto project

11:00  11 september  2019
11:00  11 september  2019 Source:

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Facebook plans to allow its users to buy Libra and store it online in a digital wallet called Calibra. It would then be transferable between users and could eventually be used to pay bills or buy things. US Senator Sherrod Brown, who sits on the Senate Banking Committee, said he thought Facebook had

Libra ' s already facing backlash from European lawmakers — which means its launch could be an uphill battle. Facebook VP of blockchain product Kevin Weil told Business Insider that Libra could evolve into more sophisticated financial products, like credit — likely to allow Facebook to monetize

Facebook's Libra seeks Swiss license after backlash for crypto project © Provided by Oath Inc. David Marcus, CEO of Facebook’s Calibra, testifies to the House Financial Services Committee hearing on

Facebook’s (FB) cryptocurrency project Libra has applied for a payment license from Switzerland’s financial watchdog, following extensive backlash from policymakers globally.

The Libra Association announced on Wednesday it is applying to Switzerland’s Financial Market Supervisory Authority (FINMA) to be regulated as a payment systems operator.

The Libra Association has also asked FINMA to clarify its legal status to ensure it has the right license. Dante Disparte, Libra Association’s head of policy and communications, said the organisation was “engaging in constructive dialogue with FINMA.”

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The Libra Association — crypto ’ s new oligarchy. Facebook knew people wouldn’t trust it to wholly Crypto -focused investors must have more than billion in assets under management, while The Libra Blockchain is open source with an Apache 2.0 license , and any developer can build apps that

Facebook Inc.’ s Libra is already in the firing line of regulators and lawmakers. At House and Senate committee hearings in July, lawmakers blasted Facebook executive and Libra co-creator David Marcus, criticizing the project ’ s initial white paper for being light on details and linking Libra to other

Facebook's Libra seeks Swiss license after backlash for crypto project © Getty

“Since our vision for the Libra project was announced 3 months ago, we have maintained our commitment that technology-powered financial services innovation and strong regulatory compliance and oversight are not in competition,” Disparte said in a statement.

“This is an important step in Libra project’s evolution, and we look forward to continuing our engagement with all stakeholders over the coming months.”

The Geneva-based Association’s decision to seek regulatory approval follows extensive backlash from lawmakers and regulators globally.

Facebook publicly announced its much-anticipated cryptocurrency project Libra in June. The social media giant said it was setting up a consortium of 28 companies, including Visa, MasterCard, Uber, and eBay, that would oversee the launch of Libra next year.

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Facebook : Libra cryptocurrency project isn't only about the social network. Libra has faced considerable skepticism and pushback since being announced, with US and European politicians almost immediately expressing concerns that stem from Facebook ' s history of data security problems.

Facebook ’ s new cryptocurrency Libra has garnered attention from lawmakers and consumer groups since it was But make no mistake: a disproportionate regulatory backlash to Libra could have dire Libra is a cryptocurrency set to launch in 2020 which, according to its whitepaper, seeks to “enable a

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The cryptocurrency aims to be a global currency, backed by a basket of assets such as the dollar and euro, that would help millions of people in emerging markets access basic banking services.

However, the project’s announcement sparked an immediate backlash from politicians and regulators around the world, amid concerns about everything from money laundering to monetary policy implications and privacy concerns.

Bank of England governor Mark Carney said in July: “This is not learning on the job stuff. It’s got to be rock solid from the start or it’s not going to start.”

David Marcus, the Facebook executive overseeing the cryptocurrency project, faced days of questioning from sceptical politicians in Congress earlier this year. Marcus said at the time Libra would seek Swiss regulatory approval and pledged not to launch the project until it has “fully addressed regulatory concerns,” casting doubt on the 2020 launch date.

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Stormclouds gather for Facebook's Libra currency.
International outcry is mounting over Facebook's Libra -- with central banks, governments and regulators railing against the social media giant's upstart cryptocurrency. Facebook unveiled plans in June for Libra -- which will roll out in 2020 -- to be backed by a basket of currency assets to avoid the wild swings of Bitcoin and other virtual units. Facing staunch opposition in Europe, Libra's boss admitted to AFP late on Thursday that it could yet decide not to operate in the region.

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