Swiss watchdog ‘in contact’ with Facebook cryptocurrency backers

The Libra coin plan, launched this week by Facebook and some two dozen partners, is being overseen by a Geneva-based nonprofit called the Libra Association. (Reuters)
Updated 20 June 2019

Swiss watchdog ‘in contact’ with Facebook cryptocurrency backers

  • Switzerland is trying to establish itself as a global cryptocurrencies hub
  • The Libra coin plan, launched this week by Facebook, is being overseen by a Geneva-based nonprofit called the Libra Association

GENEVA: Switzerland’s market watchdog confirmed Thursday that it is contact with the “initiators” of Facebook’s new cryptocurrency, as questions mount over how the money will be regulated.
Switzerland has tried to establish itself as a global cryptocurrencies hub, but the entry into the market of a behemoth like Facebook will increase scrutiny over the rules Switzerland has in place.
“We can confirm that we are in contact with the initiators of the project,” a spokesman for the Swiss Financial Market Supervisory Authority (FINMA), Tobias Lux, told AFP in an email.
The Libra coin plan, launched this week by Facebook and some two dozen partners, is being overseen by a Geneva-based nonprofit called the Libra Association.
Lux declined to comment on the details of FINMA’s exchanges with the Libra Association but said the watchdog’s role was to determine “whether the planned services require approval under Swiss supervisory law and, if so, which.”
The Libra Association has said it registered in Switzerland because the wealthy Alpine nation has “a history of global neutrality and openness to blockchain technology.”
But given Facebook’s international reach, global regulators are unlikely to leave supervision of Libra entirely to the Swiss.
The US Senate committee on banking, housing and urban affairs announced on Wednesday that it would hold hearings next month on “Facebook’s proposed digital currency and data privacy concerns.”
Bank of England Governor Mark Carney has said the Facebook project required scrutiny while French Finance Minister Bruno Le Maire warned Libra cannot be allowed to replace sovereign currencies.
Switzerland, a long-standing global banking hub, has made a series of moves to attract nascent cryptocurrency businesses, including tax breaks and logistical support.
The northern town of Zug has been dubbed “Crypto Valley” because of the influx of virtual currency firms.


Google postpones Android 11 unveiling amid US protests

Updated 34 min 40 sec ago

Google postpones Android 11 unveiling amid US protests

  • ‘We are excited to tell you more about Android 11, but now is not the time to celebrate’

Alphabet’s Google on Saturday said it has postponed next week’s planned unveiling of the beta version of its latest Android 11 mobile operating system in light of protests and unrest in the United States.
“We are excited to tell you more about Android 11, but now is not the time to celebrate,” Google said in a message posted on its Android developers website.
The event was originally scheduled to take place virtually on Wednesday, according to the website. In a tweet, it said that it will announce more details on the new version of Android “soon,” without specifying any dates.
Protests have spread across the United States over the killing of George Floyd, a Minneapolis black man who died after being pinned by the neck under a white police officer’s knee.