Swiss Regulator Demands More Clarity on Facebook’s Libra

Libra Coin News
Tue, 08/20/2019 - 18:56
Alex Dovbnya
The Swiss watchdog will discuss Facebook’s Libra with a US congressional delegation this week
Cover image via 123rf.com
Contents

The Federal Data Protection and Information Commissioner (FDPIC) recently told Reuters that it expects Facebook to provide more information about its Libra project by the end of August. The FDPIC ensures the protection of personal data in Switzerland.  

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Why Switzerland?

It is worth mentioning that the social media behemoth, whose reputation has been tarnished by multiple data scandals, is yet to come in contact with the Swiss regulator.

During two congressional hearing, Facebook’s Blockchain boss David Marcus was grilled on the company’s decision to set up its Libra Association subsidiary in Geneva. However, he claimed that they didn’t intend to “evade any responsibilities or oversight.”

Marcus also insisted that Libra would work with regulators in both the US and Switzerland.

A US delegation

Sadly for Facebook, US lawmakers didn’t take his words for it. According to Bloomberg, a congressional delegation will fly to Switzerland this week to discuss the project with Swiss data privacy chief. The visit to the world’s biggest crypto hub will be spearheaded by Maxime Waters who’s known to be one of the most vocal Libra critics.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.