Swiss authorities demand more information from Facebook about Libra by the end of the month

Swiss authorities are asking for more details from Facebook about Libra by the end of the month.

Facebooks  plan to launch Libra next year has caught a lot of attention from governments and central banks around the world.  

David Marcus who is the product head for Libra told the US senate that he expected the Swiss authority to be Libra’s privacy regulator, but the Federal Data Protection and Information Commissioner (FDPIC) was not contacted at the time.

The FDPIC is the Geneva-based group which is to oversee the proposed digital currency.  A spokeswoman for the FDPIC stated the agency had set a deadline of end-August for the Association to provide the requested information, which gives them 11 days. It had been reported that a six-member group from  the U.S. House of Representatives’ Financial Services Committee are in Switzerland to  meet Adrian Lobsiger,  the Swiss Federal Data Protection and Information  Commissioner, to discuss Facebook’s plans for Libra in the country.

Facebooks Libra has sent shivers down the spines of governments and China have stepped  up plans to create their own digital currency. While, many other financial  regulators fear they are losing  monetary control. Its fair to say there are more twists in this story yet to come.