Facebook Libra Coin has suffered setbacks: Switzerland announced that it needs to be strictly regulated at the bank level


Editor’s note: This article comes from “Tencent Technology”, review: Cheng Hao, 36氪 authorized to release.According to foreign media reports, on Wednesday, Facebook’s Libra currency cryptocurrency was once again frustrated.The Swiss government said that in addition to strict anti-money laundering laws, the proposed Librae payment system may face severe supervision that is generally applicable to banks.The Swiss side also clearly defined the specific responsibilities of the Libra Currency Association.According to foreign media reports, the world’s largest social media network company Facebook announced plans to issue Libra coins in June this year.Libra’s business is expanding into the e-commerce space.On Wednesday, the Swiss financial market regulator “Swiss Financial Market Supervisory Authority” (HKMA) issued the above statement, the Geneva-based Libra Currency Association said it plans to apply to become a government-authorized payment system in Switzerland.The application for payment of a license.The Swiss Monetary Authority said that the project will not only be a global payment system, but will be subject to additional requirements, from risk liquidity and capital allocation to support for digital currency exchange management.In its preliminary assessment of the project, the HKMA said: “For example, for a bank-like risk, the Libracoin payment business will apply similar banking regulatory requirements.” A spokesperson for Libra said that it will clear how the Swiss government will regulateThis new digital currency is the key to the development of the project, and the Swiss Monetary Authority will define what the Libra currency system is, not what it is.In order to avoid the volatility of cryptocurrencies such as Bitcoin, Libra will be supported by asset reserves including bank deposits and short-term government securities, which will be held by a managed fund.The Swiss Monetary Authority said that the risks and rewards associated with such reserve funds must be fully borne by the Libracoin Association, not the holder of the digital currency.The goal of Libraco is to launch the actual digital currency in June 2020, but the project has been continuously criticized by politicians and legislators around the world for their impact on the financial system, user privacy protection and money laundering criminal activities.Potential use.The HKMA said in a statement: “The highest international anti-money laundering standards need to be ensured throughout the ecosystem of the Libracoin project.” The Swiss Monetary Authority said that the Facebook Libracoin program triggered taxation, market competition and consumer data protection.The broader issue will not be within its mandate.“Low barriers, high trust” Even if the Swiss Monetary Authority finally approves the issuance of Libra, it is unclear whether government departments in other countries will “green light”.In July, the Group of Sevens warned that it will not allow the Libracoin program to continue until all regulatory concerns have been resolved, saying that it may be necessary to have a long discussion on the project first.When Facebook announced the plan for Libra in June, politicians and regulators in the US and other major economies expressed concern almost immediately about a digital currency associated with 2.4 billion users worldwide.Although digital currency and cryptocurrency have become commonplace, Facebook has more than 2 billion users through its four social tools, which means that if Libra is a reality, its influence far exceeds the past digital currency.Dante Disparte, Director of Policy and Communications at Libra Currency Association, said in an e-mail reply to foreign media: “The further clarification of the regulatory path of the Swiss government is the key to the development of the Libracoin Association and will also help us and other market regulators.Dialogue.” He said: “Libra coins represent only a low-impedance, high-trust instant payment system.” A senior US Treasury official said in Bern, the Swiss capital, on Tuesday that if Libra is to make progress, it mustMeet the highest standards of the US government’s fight against money laundering and terrorist financing.Sigal Mandelker, deputy secretary of the US Treasury Department for terrorism and financial intelligence, told reporters that any cryptocurrency project operating in the United States, including Libra, must comply with US regulatory standards.Mandelk said: “Whether it is Bitcoin, Ethereum, and Libra, the message we convey to all of these companies is the same: anti-money laundering and counter-terrorism financing must be integrated into your design from the start.The head of the Financial Action Task Force, the global anti-money laundering regulator, said that the agency is closely watching the progress of the Libra coin when a US Congressman delegation visits Switzerland to discuss cryptocurrencies.The bureau itself is under pressure,” said Ronald Kogens, a lawyer at the Zurich-based Froriep law firm responsible for cryptocurrency and blockchain operations. “Everyone outside of Switzerland wants to see this project in Switzerland.Good supervision.The lawyer said that the application for a payment system license usually takes 8 to 12 months, which may affect Facebook’s planned launch date. He said: “I think the date of the launch of Libra is likely to be delayed.”At present, more than 20 corporate members of Facebook and Libra Currency Association choose the Swiss government as the main regulator of Libra. In addition to the compliance of Internet finance business, Facebook executives have also said in the past that the personal privacy of Libra customersProtection will also be supervised by a Swiss government responsible for information protection. According to foreign media reports, Facebook’s recent stance suggests that if it is strictly regulated or opposed in certain countries, the company may choose to launch Libra first in some countries.Related to the above-mentioned payment license, Facebook has developed its own Libracoin digital wallet product, and the user interface and function design have been exposed. However, Facebook also stressed that all member companies can develop Libracoin digital wallets, eachProvide financial services such as payment related to Libracoin.