Swiss welcome scrutiny on Libra

ZURICH: Switzerland welcomes international scrutiny of the way it oversees the Facebook-led Libra cryptocurrency project and is ready to work with other countries to ensure seamless supervision, the top Swiss financial watchdog said.

Facebook, the world’s largest social media network, announced plans in June to launch the new digital currency, but Geneva-based Libra has come under fire from regulators who fear it could destabilise the global financial system.

The Libra Association said on Wednesday it planned to apply to become a Swiss-licensed payments system, casting the spotlight on how the Swiss Financial market Supervisory Authority (FINMA) handles the matter.

FINMA head Mark Branson told the Neue Zuercher Zeitung paper he was ready for the challenge. “If a financial centre has ambitions, it must be able to live with attention, ” he said. — Reuters


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