Swiss Say Facebook's Digital Currency Plan Will Face Hurdles

Voice of America
12 Sep 2019, 08:35 GMT+10

GENEVA - Facebook and its partners have asked financial authorities in Switzerland to evaluate their plan to create a new digital currency to be called Libra.

Facebook unveiled a proposal in June to create a digital currency similar to Bitcoin for global use. The company said it would set up a nonprofit association headquartered in Geneva with its partners to oversee Libra, putting it under Swiss regulatory authority.

The Swiss Financial Market Supervisory Authority said Wednesday that the Libra Association has requested an "assessment" of its plan.

The authority, known as FINMA, says the proposal has to meet anti-money laundering requirements and other strict standards. That includes obtaining a "payment-system license" that makes the association responsible for bearing "the returns and risks associated with the management of the reserve."

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Irish Sun.

More Information

5 ℃

Fair / Windy in Dublin

International

Section

Despite faults, Trump maintains 80% popularity among Republicans

Donald Trump is no Richard Nixon.Nixon was a bully, a cynic and a crook who did all kinds of damage ...

Man in LA area swindled seniors out of their homes

LOS ANGELES, California - Michael Henschel offered to help financially struggling individuals save their homes.Instead, he stole their American dream.Henschel, ...