According to an announcement of a Swiss central banker, Facebook’s new Libra project falls within the ramifications of the local regulatory framework, and therefore will not face any issues.
After suffering nearly a week of ridicule and legal uncertainty from pretty much all of the world’s financial regulators, this comment by the banker is like medicine on an open wound for Facebook. The only other vocal supporter right now is the Bank of England.
The Swiss banker, Thomas Moser mentioned that the social media giant made it very clear that it will comply with the local rules. Their previous business with the country may have been a leading factor in such a relaxed reaction.
Facebook had created the Libra Association in Switzerland before even announcing about the project. This is an indication that Switzerland may have already seen what the project looks like in its full swing and was convinced in its compliance with the local financial law.
Although the Swiss Central Bank and the Bank of England seem to be fine with the information provided by Facebook, other regulators and major banks such as the Central Bank of Italy are requesting additional data besides the whitepaper.
Regardless of the ridicule and opposition, the Libra project is in full swing to be launched very soon. It has no lack of financial support and popularity among the crypto community.