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Despite choosing Switzerland as the home country for the Libra Association and repeatedly emphasizing on the intention to address the concerns of all regulatory authorities, Facebook has reportedly been ignoring the Swiss Federal Data Protection and Information Commissioner (FDPIC).
This prompted the agency to send a letter with a request for crucial details that will play a role in overseeing the stablecoin.
In a recent post on its website, the FDPIC pointed out how Facebook is being unresponsive to its request to provide more information about Libra. The regulator noted the comments made by David Marcus, head of Calibra at Facebook, before the US Senate Banking Committee when he said that FDPIC will be the supervisory authority.
“As the sponsors of the project had not contacted him, the FDPIC wrote to the Libra Association in Geneva on Wednesday 17 July 2019 noting the comments made by Mr Marcus that data protection would be regarded as a fundamental element of the project," the FDPIC said and added that it is expecting a response from the Libra Association in order to set out their official position.
It makes sense that the watchdog would want to learn more about how Libra’s development is progressing. As noted in the post, further details are needed so that it could “assess the extent to which its advisory competences and supervisory powers would apply.”
Without the right information, the commission and its agents would not know what to look out for. It would also be helpful to have such details in creating regulations that apply to Libra and perhaps other cryptocurrencies.
The Swiss authority is not the only one trying to get more data out of Facebook either, CoinDesk reports since numerous other nations have been asking for more transparency.
A G7 taskforce recently said that cryptocurrencies such as Facebook’s Libra need to be held “to the highest regulatory standards,” as they posed a threat to global financial stability. Moreover, UK House of Commons’ Digital, Culture, Media and Sport Committee chair Damian Collins recently revealed his plans to launch a probe into Facebook Libra.
