Switzerland National Bank’s (SNB) Vice Chairman, Fritz Zurbruegg has revealed that the apex bank is currently holding serious talks with relevant authorities across the globe concerning Facebook’s global cryptocurrency project, Libra, according to a Reuters report on August 27, 2019.
Important Details Still Missing
Per sources close to the matter, Fritz Zurbruegg, the Vice Chairman of the SNB has stated categorically that the Swiss Central Bank is yet to conclude discussions with other global financial authorities, as Facebook and the Libra Association haven’t presented the complete documents needed to conduct a comprehensive analysis of the project.
“At present, it’s impossible to carry out a full analysis of Project Libra due to the fact that the available documents are quite vague and details are still missing,” Zurbruegg told Reuters.
Libra Versus Regulators
On August 26, 2019, BTCManager informed that Congresswoman, Maxin Waters, the chairperson of the United States House Financial Services Committee (HFSC), made it clear that she still sees nothing good in facebook’s crypto project, despite meeting with Swiss authorities in charge of regulating Libra, including officials of the Swiss State Secretariat for International Financial Matters.
Specifically, Waters says she is uncomfortable with the fact that a multi-billion dollar tech firm such as Facebook is hatching plans to launch a global blockchain-based currency run by private entities.
In her words:
“While I appreciate the time that te Swiss government officials set aside to meet with us, my concerns remain with allowing a large tech company to launch a privately controlled, alternative global currency.”
Interestingly, to make it even harder for Project Libra to see the light of day, the Democratic majority of the U.S. House Financial Services Committee has formulated legislation dubbed “Keep Big Tech Out of Finance Act” which is aimed at making it illegal for large tech firms to launch their own cryptocurrency.
In spite of the regulatory hurdles, Facebook and the Libra Association, a consortium of large organizations overseeing Project Libra remain determined to revolutionize the financial ecosystem via a digital currency that it claims will make financial services available to millions of unbanked people around the world.
On August 28, 2019, BTCManager informed that facebook has employed the services of FS Vector, a Washington-based lobbying firm, as part of plans to get on the same page with regulators.