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Blocktempo.com reported. The response of national financial regulators and fiscal authorities to the Libra project will have a crucial impact on the future of the entire cryptocurrency industry. Despite the enthusiasm of all walks of life, there are still many people who are optimistic about Libra. The members of the Board of Governors of the Swiss National Bank (SNB) said in the past few days that everyone should look at it with ease.

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Image from Coindesk.com

According to S&P Global Ratings, regulatory barriers are key to Libra's success and may lead to delays in launching. Libra will be subject to various regulations like existing cryptocurrencies. S&P said in the report,
This level of review may indicate that Libra's launch will be delayed or limited.

Although countries are nervous about the arrival of Libra, Thomas, an alternate member of the Swiss National Bank Council. Thomas Moser doesn't think it needs to be that tight.

He said that Facebook is willing to follow the rules and has maintained close ties with regulators. Moser said at the Crypto Valley Conference in Zug, Switzerland,

I think this is an interesting development and I feel very relaxed about it.

Facebook has established a non-profit organization, the Libra Association, in Switzerland, which is responsible for leading the development of Facebook's Libra and continues to face regulatory scrutiny in other jurisdictions.

However, Domenico Gammaldi, director of marketing and payment systems at the Central Bank of Italy, also pointed out that just white papers are not enough. Regulators need more information about Libra,
I have read more than 200 pages of comments, but for me It is very strange to publish a personal argument on a white paper of only 12 pages; white paper means white, that is, there is no message.

In addition, the UK Financial Conduct Authority (FCA) also said on June 25 that Facebook's details on the Libra program for expanding payments and cryptocurrencies are not sufficient. Andrew Bailey, the market regulator of FCA, said that Facebook's plans may have a major impact on public policy, so they must provide more details. Bailey told the British Parliament's Treasury Special Committee,

If they can't do more, they won't get authorization.

FCA, the Bank of England, and the UK Treasury Secretary are preparing for Libra's arrival. Bailey also announced that the FCA has had contact with Facebook and can expect more negotiations in the future.

Last year, finance ministers and central bank governors generally believed that digital currency was not enough to pose a risk to the financial system, so there is basically no excessive regulatory mechanism for digital currency.

However, the Libra project has attracted attention from all walks of life, causing concerns among US legislators about privacy issues, and prompted the ECB presidents to ask for increased supervision to ensure that Libra will not endanger the operation of the entire financial system or allow digital currency to flow. Criminal means such as money laundering and terrorist financing.

Although Facebook's cross-banking industry plan is not expected to be held in Osaka on June 28th, the two-day G20 summit agenda, but the Financial Stability Board (FSB), which coordinates the financial rules of G20 countries, said It may lead regulators to look further at digital assets.
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