Switzerland: Finma continues to be left on the Facebook Libra

the Director of The Swiss authority Finma expressed concerns to the Dark Corners of the financial world. The confidence rate in terms of Libra, was consolidated by him. Why financial market supervisions dear Libra.

Max Halder
At the 2. October 2019BTC$8.242,13 -1.14%part Facebook Twitter LinkedIn xing mail

The Swiss financial market Supervisory authority (Finma), one of many regulators around the globe, which manifests itself again and again, to crypto-currencies. Especially in the debate about Libra whose voice is always loud, and finally, the Libra Association, the patron of Libra, is sitting in Geneva. Despite the concerns of France and Germany with regard to Facebook's Stable Coin, Finma was most relaxed. According to the news Agency Reuters reported was, of course, the 1. October by Mark Branson, Director of the authority, are hereby confirmed.

Director Branson announces

commenting On an event, the news Agency Bloomberg in Zurich, and Branson Libra and the "dark corners of the financial system":

I'm significantly troubled projects, which will develop somewhere in the dark corners of the financial system, in Cyberspace spread, and one day are too large to be stopped [...] [Libra] is something that is transparent is developed.

There are a few voices that see this day in Bitcoin already in the past – there's finally good reasons. In contrast, the centralized Stable Coin Libra is far from the Ideal of a Cryptocurrency far. What is the Finma, and Branson is like Libra, is the ability to can it with the previously established rules treat.

we don't have to make such projects impossible. We will respond to them open-minded. Our attitude is: equal risk calls for equal rules. Our rules and Standards are not up for negotiation.

Thus, a certain level of control that remains in the case of any truly decentralized currency is failing goes hand in hand.

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The Finma was founded in 2009 from the merger of Bank commissions, the Federal office of private insurance and of the control authority for combating money laundering. According to his own information, the task of Finma is to protect creditors, investors and insurers in the financial market. Critics of the authority, the Finma conflicts of interest, because "the Watchdogs are funded by the fit," it was five years ago in the Swiss radio station SRF . Also, Branson was employed prior to his appointment as a Director of the Finma, the Swiss Bank UBS as a Banker.

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Bitcoin and Switzerland (3) Swiss Bank account in the pocket of Bitcoin – great, if one keeps the nerves: The freedom of expression ECHO the Bitcoin in Switzerland (2): A battle on many fronts#Facebook#Finma#Libra#Switzerland