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Facebook's Libra to be discussed as U.S. delegates visit Switzerland

Mon, 19 Aug 2019, 09:51 am UTC

Facebook’s Libra cryptocurrency will be discussed as a delegation of the U.S. House of Representatives will pay a visit to Switzerland in the coming days.

According to local media outlet Soontag, six members of the House of Financial Services Committee will be meeting Swiss Federal Data Protection and Information Commissioner Adrian Lobsiger to exchange their views on digital currencies, particularly Libra.

Chairwoman of the House of Financial Services Committee Maxine Waters, who previously asked to halt the development of Facebook’s Libra, will reportedly head the delegation. The upcoming visit aims to make clear regulatory issues about Libra.

The report came after Facebook said Libra may never have the chance of seeing the light of day as it continues to face scrutiny from lawmakers and regulators.

There can be no assurance that Libra or our associated products and services will be made available in a timely manner, or at all,” the social media giant wrote in its latest quarterly report.

Other than regulatory hurdles, the social media giant also pointed out its lack of “significant prior experience with digital currency and blockchain technology” as a confounding factor of the project’s viability.

Ever since it was announced in June, Libra has faced political opposition globally. Even U.S. President Donald Trump himself lashed cryptocurrencies, saying they are “not money.”

Its latest skeptical contender is Australia, with Reserve Bank of Australia (RBA) Governor Philip Lowe saying “there are a lot of regulatory issues that need to be addressed and they’ve got to make sure there’s a solid business case, so we’ve got to be careful before we jump to conclusions.

Recently, representatives from different data protection and privacy enforcement authorities globally have also issued a joint statement on global privacy expectations of the Libra network.

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