Despite Facebook Claiming Swiss Financial Regulator Would Oversee Libra, No Contact Has Been Made
- FB’s blockchain head David Marcus was recently quoted as saying that Libra is being designed in accord with the international guidelines established by the Financial Action Task Force (FATF).
- Additionally, the Libra Foundation will also register its much hyped stablecoin offering with the FinCEN as a ‘money transmitting business.’
As many of our readers are probably aware of, Facebook is looking to establish one of its crypto support centres in Switzerland sometime in the near future. In regards to the matter, the social media giant’s blockchain head David Marcus recently told various media outlets that FB was currently in the process of talking with Swiss regulators so as to discuss some of Libra’s more niche/technical aspects.
However, in the wake of these developments, a representative for the Swiss Federal Data Protection and Information Commissioner (FDPIC) told a mainstream media outlet that the Libra foundation had not yet established contact with the regulatory body.
Facebook’s executive brass confirmed that while they had not yet spoken with the FDPIC, the company was currently in touch with a number of regulatory agencies across the globe and would get to the Swiss body in due time.
One of the main issues that the FDPIC has with Libra is the currency’s flimsy data privacy framework.
In the past, FB has been associated with a number of security breaches — most notably the Cambridge Analytica scandal which saw the personal information of thousands of users being leaked online.
During a recent U.S. Senate hearing, lawmakers announced that due to the scale of FBs envisioned stablecoin offering, they did not trust company to handle its project in a transparent/compliant manner.