Swiss Regulator FINMA Will Not Disrupt Libra’s Development

The European observers are sending troubling signals towards the Facebook-led Libra cryptocurrency, Switzerland remains willing to listen.

On October 1 (Tuesday), FINMA, has stated that Switzerland is more worried about cryptocurrency projects developing outside official scrutiny than about the Facebook-conceived Libra project, which is being handled with openness.

According to a Reuters reported on Tuesday, Mark Branson, the CEO of the Swiss Financial Market Supervisory Authority (FINMA), said, “We are not here to make such projects impossible.”

Branson said at a Bloomberg event in Zurich:

“We will respond to them with an open mind, with an attitude that the same risks require the same rules.” Mark Branson

However, the statement comes on the heels of the Economy and Finance Minister of France, Bruno Le Maire’s condemnation of the cryptocurrency project. Citing the potential threat, the stablecoin poses towards destabilizing national currencies, Le Maire said, “We cannot authorize the development of Libra on European soil.”

Mark Branson, CEO of FINMA

Likewise, Switzerland has long been a hub of crypto-development. The country is home to over 700 blockchain companies, including the Geneva-based Libra Association, which governs the project.

Branson said:

“Libra is something which is being done transparently.” Mark Branson

He added:

“I am much more nervous about projects which develop in a dark corner in the financial system somewhere, spread themselves out through cyberspace and one day are too big to be stopped.” Mark Branson

Source: Coindesk and Reuters.com

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