Switzerland's FDPIC Data Authority Regulator Requests More Details On Facebook’s Libra Coin

The Swiss Federal Data Protection and Information Commissioner (FDPIC) has recently asked for more information about the new Facebook crypto project Libra. The privacy regulator sent Facebook a letter asking for more details about this upcoming project.

According to the letter, the remarks made by David Marcus, the head of Calibra (Facebook’s Libra wallet provider) has called their attention. However, insufficient information about the current status of the Libra project was sent, so they asked for more details, according to Reuters.

Most of the concerns were about how the data from the users would be processed and how the project would comply with the current regulation.

The Head of the communication at the institution, a man named Hugo Wyler, has recently affirmed that Facebook made no contact at all with local regulators, which concerns them. He also affirmed that the company is expected to provide all the necessary information in case it wants to launch Libra in the country.

There is some additional trouble to be expected now because Facebook wants to base its project in Switzerland. According to Marcus, a representative was already talking with the local regulators, but some other reports seem to indicate that this was not true, especially when considering what Wyler affirmed.

When the Facebook representative was asked why base the token on Switzerland and not the U. S. during the hearing, Marcus affirmed that Switzerland was an “international place”. Obviously, the country is also notorious for protecting the information of banking clients, which is why almost everybody thinks that the country was chosen.

It will surely be a long road for Facebook now. Not only the company has to talk with the U. S. government in order to be greenlighted but it also needs to get the same kind of compliance with Switzerland’s laws.

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Gabriel Machadohttps://bitcoinexchangeguide.com/
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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