Regulation News

Swiss Central Bank SNB Is in Close Contact With Facebook’s Libra

Switzerland’s central bank, Swiss National Bank (SNB) is in close contact with the relevant authorities over Facebook’s Geneva-based crypto project Libra.

The news comes from SNB vice-chairman Fritz Zurbruegg via a Reuters report from Aug. 27. 

Libra documentation still lack some details

Zurbruegg said that it is still difficult to analyze the Libra project fully, citing the vague character of available documentation. He added that some details are still missing in the documents. 

The news follows a visit by United States lawmakers to Switzerland this month in order to clarify how various Swiss authorities would regulate Libra, as well as learn more details about the project. However, U.S. authorities subsequently issued an official statement claiming that they were still concerned over Facebook’s crypto project.

U.S. Rep. Maxine Waters, chair of the United States House of Representatives’ Financial Services Committee, said last week that the committee will continue to review Libra and its digital wallet Calibra.

Facebook fights to ease negative response

Meanwhile, Facebook is fighting to save the not-yet-launched project. Yesterday, the social media giant hired Washington-based lobbying firm FS Vector to help it easy regulatory pressure over Libra. Earlier today, the Libra Association launched its public bug bounty program in order to prevent security issues in advance of Libra’s anticipated 2020 launch.

On Aug. 23, the Financial Times reported that at least three of Libra’s early backers were considering quitting the project in light of negative global response to the project.

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