U.S. representatives to discuss Facebooks’ Libra with Swiss authorities
Category: #headlines  By Mateen Dalal  Date: 2019-08-19
  • share
  • Twitter
  • Facebook
  • LinkedIn

U.S. representatives to discuss Facebooks’ Libra with Swiss authorities
  • U.S. House of Representatives will discuss its concern on cryptocurrency with FDPIC (Federal Data Protection and Information Commissioner) Adrian Lobsiger.
     
  • The discussion will mainly involve Facebook’s soon to be launched Libra blockchain cryptocurrency.

The House Financial Services Committee is reportedly planning to send a six-member delegation to Switzerland to discuss their views on cryptocurrencies with Adrian Lobsiger, Federal Data Protection and Information Commissioner (FDPIC) of Switzerland.

According to reliable sources, Facebook’s Libra, a blockchain digital currency created by the social media giant, will be the main topic for discussion between the regulator and the U.S. delegation. Sources cite that Maxine Waters, Chairwoman of the House Financial Services Committee, will be leading the delegation. Reportedly, she had earlier requested halting Libra’s development until risk associated with it were properly recognized.

Reports claim that the U.S. legislators aims to clarify regulatory issues related with Libra. Recently, the issue related the digital coin for being regulated in Switzerland was raised by some representatives. However, David Marcus, Head of Calibra, Facebook, assured representatives that the company is in touch with the Swiss Financial Market Supervisory Authority. 

Speaking on the move, Hugo Wyler, Head of Communications, FDPIC, said that Facebook did not contact the authority regarding the registration of its cryptocurrency project. Moreover, the FDPIC had to send a letter to the Libra Association, the department operating Libra, demanding for more details about the platform to assess which supervisory powers could be applied on the currency.

Furthermore, during a hearing before House of Representatives recently, David Marcus questioned the reason for choosing Switzerland instead of U.S to register its Libra Association. According to Marcus, choosing Switzerland had nothing to do with evading regulations or oversights on the contrary. He claims that the jurisdiction is an international platform which is good for doing business.

Source Credit : https://cointelegraph.com/news/us-lawmakers-to-visit-switzerland-to-discuss-crypto-facebooks-libra

  • share
  • Twitter
  • Facebook
  • LinkedIn


About Author

Mateen Dalal    

Mateen Dalal

A qualified electronics and telecommunication engineer, Mateen Dalal embarked on his professional journey working as a quality and test engineer. Harnessing his passion for content creation however, Mateen pens down industry-rich articles for ReportsGO.com and a few o...

Read More

More News By Mateen Dalal

Alphabet’s Google to face lawsuit from NLRB for violating labor laws
Alphabet’s Google to face lawsuit from NLRB for violating labor laws
By Mateen Dalal

In a recent turn of events, U.S. government body National Labor Relations Board (NLRB) has reportedly issued a complaint against American multinational technology company, Google LLC for unlawfully monitoring as well as questioning its workers and su...

Britain’s CMA to levy tougher competition rules on Google and Facebook
Britain’s CMA to levy tougher competition rules on Google and Facebook
By Mateen Dalal

Facebook and Google accounted for around 80% of the total 14 billion pounds spent on digital advertising in 2019. MOW has reportedly accused Google of modifying its Chromium developer tools and Chrome browser to get greater control over advertiser...

Amazon, U.S. Government team up to prevent sale of counterfeit goods
Amazon, U.S. Government team up to prevent sale of counterfeit goods
By Mateen Dalal

According to reliable sources, Washington-headquartered American multinational technology company, Amazon.com Inc has reportedly initiated a joint venture with the U.S. government’s counterfeit agency, the IPR Center (National Intellectual Prop...