The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
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.