Technology: Swiss welcome scrutiny in handling Libra cyrptocurrency: watchdog - PressFrom - US
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TechnologySwiss welcome scrutiny in handling Libra cyrptocurrency: watchdog

10:35  12 september  2019
10:35  12 september  2019 Source:   reuters.com

Swiss watchdog expects details on Facebook's Libra by end of month

Swiss watchdog expects details on Facebook's Libra by end of month Swiss watchdog expects details on Facebook's Libra by end of month

The Facebook-led Libra project is mooted for launch by June next year. Regulators’ and politicians’ concerns range from the risks that Libra could be used to launder money to privacy and the possibility that it could upset financial stability. “We want to make sure that if there are significant risks

ZURICH (Reuters) - Swiss financial watchdog FINMA has begun investigating a number of initial coin "Bottom line, we welcome that the Swiss regulator is taking action and recognizes the need for clear The move came on the heels of Chinese authorities' ordering Beijing-based cryptocurrency

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.

Swiss welcome scrutiny in handling Libra cyrptocurrency: watchdog© Reuters/Dado Ruvic FILE PHOTO: Libra logo in illustration picture 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 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.

Facebook's Libra Currency Gets European Union Antitrust Scrutiny

Facebook's Libra Currency Gets European Union Antitrust Scrutiny European Union antitrust regulators are already probing Facebook Inc.’s two-month-old Libra digital currency project, according to a document seen by Bloomberg. The European Commission is "currently investigating potential anti-competitive behavior" related to the Libra Association amid concerns the proposed payment system would unfairly shut out rivals, the EU authority said in a questionnaire sent out earlier this month.

ZURICH — Facebook' 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.

planned Libra cryptocurrency , its new head told Reuters on Tuesday, in the latest sign of growing regulatory scrutiny of the project. LONDON, Sept 10 (Reuters) - The global anti-money laundering watchdog is closely monitoring developments on Facebook’ s planned Libra cryptocurrency , its new

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.

"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."

Much concern about Libra and other cryptocurrencies centers on the potential of abuse for laundering money or financing crime.

Facebook’s Libra Association is being investigated by EU antitrust regulators

Facebook’s Libra Association is being investigated by EU antitrust regulators Facebook's Libra cryptocurrency project is being probed again, this time by European Union antitrust regulators. The European Commission said it is "currently investigating potential anti-competitive behavior," related to the Libra Association, Bloomberg reports. In a questionnaire sent out this month, the EU authority expressed concerns that Libra would unfairly shut out rivals. The investigation, still in its early stages, is examining the governance structure and membership of the Libra Association. The purpose-built, independent nonprofit is meant to govern the digital currency.

Facebook' s Libra cryptocurrency project is seeking a Swiss payment system license, financial watchdog FINMA said on Wednesday, noting The world’ s largest social media network announced plans in June to launch a cryptocurrency as it seeks to expand beyond social networking and move

Switzerland ' s financial watchdog FINMA plans to conduct oversight of the Geneva-based Libra Association. Welcome to Rappler, a social news network where stories inspire community engagement and digitally fuelled actions for social change.

"Our approach aims to regulate the crypto world in terms of money laundering the same as the conventional financial world. Our requirements here are among the strictest worldwide," Branson said.

"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.

"Our first contact with the initiators took place after the decision for Switzerland had already been made and communicated. That's positive," he said.

(Reporting by Michael Shields; Editing by Simon Cameron-Moore)

Swiss say Facebook's digital currency plan will face hurdles.
GENEVA (AP) — Facebook and its partners have asked financial authorities in Switzerland to evaluate their plan to create a new digital currency to be called Libra. Facebook unveiled a proposal in June to create a digital currency similar to Bitcoin for global use. The company said it would set up a nonprofit association headquartered in Geneva with its partners to oversee Libra, putting it under Swiss regulatory authority. The Swiss Financial Market Supervisory Authority said Wednesday, Sept. 11, 2019 the Libra Association has requested an “assessment” of its plan.

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