Facebook’s Libra Cryptocurrency Seeks Swiss Payment System License

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Facebook Libra Cryptocurrency is looking for a Swiss partner for payment system license according to a financial watchdog FINMA said on September 11. FINMA the financial; watchdog noted that the breadth of the planned services would require broad oversight. Facebook the social media giant has future plans to push out the wings towards and venture into global payments and e-commerce. The plans laid down by the social media platform have drawn intense scrutiny from global financial officials. Due to the issuance of Libra payment tokens, the services planned by the Libra project would clearly go beyond those of a pure payment system, FINMA said, noting this means it would be subject to such additional requirements.

Image Source: bitcoinist.com

Facebook is engaging in constructive talks with FINMA and see its feasible pathway for an open-source blockchain network which will be a well regulated, low friction, high-security payment system. The Geneva-based Libra association has asked FINMA to clearly state its position on the issue under the Swiss supervisory law. Sigal Mandelkar the US under Secretary of Terrorism and Financial Intelligence told to reporters on September 10 that the Cryptocurrency project has to meet the highest standards in terms of combating money laundering and financial terrorism.

Image Source: cointelegraph.com

He went on to confirm that the rules and regulation apply to all the other Cryptocurrency project be it Bitcoin, Ethereum or Libra the standard is all the same for all the digital currency and no room of relaxation will be given. All the Cryptocurrency has to comply with anti-money laundering law and financing of terrorism used as a tool or vehicle for funding. FINMA said that the range of services provided by Libra would meet the highest anti-money laundering standards and organization will be keeping a keen eye on the project and also over the whole ecosystem.

Source: Money Control


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