Facebook social network has applied for a license for the Libra payment system in Switzerland. The country’s regulator warned that with just one resolution, it won’t end.
Facebook wants to create a payment system in Switzerland
According to Reuters, Facebook has filed an application with the FINMA Swiss financial regulator to obtain a license for the Libra payment system.
FINMA agreed to consider the application, but warned that Libra is going to issue cryptocurrency, which means that the company's services will definitely go beyond the boundaries of a simple payment system. Therefore, the authorities plan to apply more stringent rules to the project.
According to FINMA, Facebook also asked the regulator to "clarify" the status of Libra cryptocurrency in the country, as well as the Libra Association itself.
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- Libra Association said it is in a "constructive dialogue" with FINMA
- The regulator is sure that Libra services should comply with the axiom of "what risks, such and rules", specifying that the project will have to follow "the highest international standards in the field of combating money laundering".
- On September 10, Facebook said that Libra is likely to be provided with several world fiat currencies: US dollar, Japanese yen, British pound, euro and Singapore dollar
Editor: Jerg Wos