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Libra: the Swiss Federal Council commented on Facebook currency

On the 23. August, a US Delegation visited Switzerland to speak about the future of the planned Facebook-crypto currency Libra. In a Statement, the Swiss Federa

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Libra: the Swiss Federal Council commented on Facebook currency

On the 23. August, a US Delegation visited Switzerland to speak about the future of the planned Facebook-crypto currency Libra. In a Statement, the Swiss Federal Council showed itself to be in principle open to the planned exchange. Some concerns there are still.

By Phillip Horch
23. August 2019BTC$10.438,98 2.93%part Facebook Twitter LinkedIn xing mail

in Libra, the proposed crypto-world currency from the house of Facebook, was Waiting it from a regulatory to date is not easy. So group was the crypto-currency project of Zuckerberg-especially in the United States in a defensive posture. Thus, various U.S. senators found, surprisingly even Bitcoin in a more positive light than the Facebook-Coin.

The reasons for the criticism of Libra appear, however, understandable. Because Facebook is still associated with the data scandal around Cambridge Analytica in conjunction. This company now wants to provide a crypto-currency, prepares privacy advocates, such as politicians break sometimes head.

a US Delegation meets on 23. August in Switzerland on the Swiss Federal data protection and information Commissioner Adrian Lobsiger, to discuss the future of the project. The Swiss Federal Council published in advance an opinion on the Causa Libra.

the Swiss Federal Council to the Facebook Coin Libra

The Swiss Federal Council responded with its Comments on a request of the social Democrat, Prisca Birrer-Heimo. You asked, sometimes to the permit obligations and compliance with Anti-money laundering policies. The Swiss Federal Council pointed out that it depended in the first instance, what are the activities of Facebook in Switzerland, specifically exercise, however, so far not known in Detail are:

decide the competent authorities, such as, in particular, the FINMA, as soon as a request is present or the activity is exercised. In General, the same regulatory environment as it is for traditional financial activities shall apply to activities in the crypto area.

it is true, however, especially the regulations regarding the banking law, the financial infrastructure law and anti-money laundering act to comply with.

Monetary effects of Facebook Coin Libra

Also in relation to the possible impact on monetary policy, the Federal Council first of all, diplomatic. It is said:

In Switzerland are already used other than the statutory means of payment (e.g., official currencies of other countries or Reka-Checks). Any positive effects and monetary policy challenges of the crypto-currency Libra depend in particular on the extent of its use and technical Details (e.g., composition of the currency Basket), which are not yet known. Switzerland already has a solid regulatory framework in the monetary and financial market area. The Federal Council sees at present no need for Revision due to a specific new project.

One more question, the Birrer-Heimo in their Interpellation was, was probably one of the most pressing: the to the privacy.

Libra, Facebook and privacy

As of the Federal Council, further, must keep Facebook in terms of privacy to the prevailing laws. Accordingly, the Swiss Federal Council declared:

The organization for the management and diversification of currency is based in Geneva and has 28 founding members, including the Facebook group. To the extent that you process personal data, it must comply with the requirements of the Federal law on data protection, in particular as regards the security of the data or the Transmission of data abroad.

Bundesrat reputation of the Switzerland looks not at risk

As the fifth part of their request, the social Democrat problematizes a possible damage to Reputation of Switzerland in the case of a settlement by Facebook's Libra. The Federal Council does not see this, however, endangered:

, The seat of election of the Libra-administrative organisation in Geneva is generally a positive sign for the business location and the financial centre of Switzerland. It is likely to strengthen the Image of Switzerland as an innovative and open location. As with every big [sic] project, this is associated with challenges. The Federal Council followed the development closely. The competent Supervisory authorities are in contact with the project managers. The Federal Council wants to continue to see, for exemplary conditions, which allow Innovation and prevent abuse.

Basically, the Switzerland Facebook Libra is not set to negative.

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