Wednesday , January 22 2020

Libra needs license: Swiss

Bloomberg

Switzerland said Facebook Inc’s planned Libra cryptocurrency would need an official
green light, with granting of a license contingent on the risks of reserve management being borne by the organisation and not by stable-coin holders.
Swiss financial regulator Finma said the project would need a payment system license and would be subject to additional rules to take “bank-like” risks into account.
The “highest international anti-money laundering standards” would also need to be applied, it said.
Facebook has picked the Swiss city of Geneva as the home of the Libra Association, a not-for-profit organisation that will govern the payment network and manage the digital currency.
Expected to be launched in 2020, Libra is described as a blockchain-based digital coin that will let Facebook users send and receive money or to pay for services.

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