Facebook’s cryptocurrency gets a warm welcome in Geneva

ZURICH: Policy makers around the globe have been cool to the idea of Facebook Inc.’s planned Libra cryptocurrency. In Switzerland? They liked it so much, Facebook decided to set up shop there.

Geneva is "excited” to work with Facebook, the canton’s economic development chief Pierre Maudet said last week after it emerged Facebook had picked the Swiss city as the home of the Libra Association, a not-for-profit organization that will govern the payment network and manage a financial reserve for the cryptocurrency.