Swiss Data Safety Regulator Seeks Particulars on Facebook’s Libra

The Swiss data protection regulator is looking ahead to Facebook to offer it with particulars on data protection risks related to the upcoming Libra digital currency, Reuters revealed on July 23. 

The Federal Data Protection and Information Commissioner (FDPIC) — the competent power for data processing by government bodies and individuals in Switzerland — mailed a letter to Libra Association on July 17, looking for details about Libra. The FDPIC stated : 

“The Federal Data Protection and Information Commissioner has noted the comments made by Mr. David Marcus at his hearing before a U.S. Senate committee. The FDPIC said in his letter that as he had not received any indication on what data files may be processed, the Libra Association should inform him of the current position of the project in order that he could examine the extent to which his advisory competences and supervisory powers would apply .” 

The news follows a statement from the head of communication at the FDPIC, Hugo Wyler, who asserted that Facebook had not approached Swiss regulators about the enrollment of its cryptocurrency project. 

At that moment, Wyler asserted that the FDPIC requires Facebook or its promoters to render it with concrete information when the moment comes and that the firm is following the development of Libra in the public debate. 

U .S. Regulators question Libra’s Swiss registration 
As previously reported, Marcus guaranteed Representative Bill Huizenga that Facebook had been in contact with the Financial Market Supervisory Authority, a Swiss financial regulator. Marcus also underlined that Facebook would not launch the Libra cryptocurrency project before they acquired the go-ahead from all related regulatory authorities. 

At a hearing with the United States House of Representatives Financial Services Committee on July 17, Rep. Patrick McHenry inquired Marcus why Facebook wanted to have its project-based mostly in Switzerland. Marcus replied that it was an “international place” favorable to being profitable.

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