Facebook’s digital coin Libra head David Marcus said before the lawmakers that Swiss regulatory agencies would keep a check on Libra’s data and privacy protection. But according to the CBNC, the spokesperson for Swiss agency and Swiss Federal Data Protection Information Commissioner (FDPIC) hasn’t heard yet from Facebook.
While the lawmakers said that they don’t trust tech giant considering its history involving breaching of data in Cambridge analytica scandal. This week FTC approved to vote to settle the privacy breach settlement for $5 Billion with Facebook. While Facebook has settled with one case, it has come up with another one that has caused hurdle to the cryptocurrency approval.
Hugo Wyler, commissioner at the FDPIC said “We have taken note of the statements made by David Marcus, Chief of Calibra, on our potential role as data protection supervisory authority in the Libra context. Until today we have not been contacted by the promoters of Libra,” Wyler said. “We expect Facebook or its promoters to provide us with concrete information when the time comes. Only then will we be able to examine the extent to which our legal advisory and supervisory competence is given. In any case, we are following the development of the project in the public debate.”
Libra is a topic of skepticism among the policymakers around the world. Last week, Donald Trump said that it doesn’t support cryptocurrency. The statement by President Trump didn’t come up as a surprise as every country’s President will support its own currency.
However, Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell both said they have “serious concerns” as it increases the probability of money laundering, funding terrorism, etc. Yesterday Oxford reports learned that House of Democrats has proposed a bill to ban Libra or any tech giants to enter into the banking sector with more than $25 Billion in revenue a year.