Facebook said its Libra cryptocurrency will be regulated by Swiss authorities - but that was news to those Swiss authorities

Posted On: Jul 16, 2019   |   Posted By: Business Insider

Facebook said its Libra cryptocurrency will be regulated by Swiss authorities - but that was news to those Swiss authorities

David Marcus, head of Facebook's cryptocurrency efforts, testified at a Senate Committee on Banking, Housing, and Urban Affairs hearing about Libra, the social network's new cryptocurrency push.
Marcus stated that the Libra Association, which will oversee Libra and be headquartered in Switzerland, will be regulated by the Swiss Federal Data Protection and Information Commissioner .
But the FDPIC says - and Facebook confirms - that it hasn't been in touch.
Visit Business Insider's homepage for more stories .
At a US Senate committee hearing on Tuesday, Facebook said that Swiss authorities will regulate the Libra Association - a consortium of companies including Uber, Mastercard, and Facebook itself, which will itself oversee the new Libra cryptocurrency.
The issue, it seems, is that this was news to those Swiss authorities.
David Marcus, head of Facebook's cryptocurrency-focused Calibra subsidiary, testified in front of the Senate Committee on Banking, Housing, and Urban Affairs hearing on Tuesday. The...

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