Switzerland To Regulate Libra as Thailand Opens Discussions

Switzerland To Regulate Libra as Thailand Opens Discussions

This weekend has seen more developments concerning the highly-anticipated Project Libra as regulation indicators ad legalisation possibilities come to light.

It is hard to get through a day now without news about the controversial stablecoin from Facebook. Some days it is positives, other days it is negatives. Today is no different as two new developments have come to light. Both of which would likely to be considered positives both for this looking to invest in the coin, which is poised for launch in early 2020, as well as from the Project Libra camp themselves.

Swiss Likely To Regulate

The first of these updates that have emerged is that Switzerland, a country well-known for its crypto leniency, not to mention its unique banking laws, is the country of choice of the team behind Libra to oversee the regulation of the coin. This is perhaps little surprise considering the fact that their whitepaper already announced that the parties backing the coin, who make up the Libra Association, would be based there. They had also already registered as a company there back in May.

“Because the (Libra) Association is headquartered in Geneva, it will be supervised by the Swiss Financial Markets Supervisory Authority (FINMA),” explained top boss at Facebook, David Marcus. Continuing he revealed they “have had preliminary discussions with FINMA and expect to engage with them on an appropriate regulatory framework for the Libra Association.”

This is opposed to the US, who were also assumed by many to be another frontrunner for the regulation of the coin considering Facebook’s HQ being based in Silicon Valley. However, it seems that this isn’t the plan. This likely makes sense from Facebook’s point of view. For two reasons.

Firstly, President Donald Trump has had his back up against cryptocurrencies, particularly Bitcoin, over the last few weeks. While secondly, the coin is already under major scrutiny from the highest levels in the US and autonomous operations would be unlikely to be possible with interference from the state almost guaranteed considering Facebook’s track record.

The Swiss on the other hand are much forward-thinking in terms of crypto. They have already outlined long term plans for the crypto legality and are one of the fastest moving in digital asset innovation. With this considered, it is no surprise that they chose to location for the Libra Association and now also, for the regulation.

Thailand Open Doors to Discussions

Meanwhile, the Bank of Thailand has announced interest in the currency at a time when many other nations were looking like they were turning their back on the project. Veerathai Santiprabhob, the governor of the bank, explained during a Fintech Fair in the nation’s capital of Bangkok that they were open to discussions with Libra. However, like many other countries and their banks, his concerns surround security and protecting customers money. Stating that they would not “rush into a decision”.

“All kinds of new digital money have been emerging, therefore the Bank of Thailand monitors all and don’t give favoritism to any particular financial service. Security in financial services is the bank’s top priority. It will take time.” He said before announcing, “Libra cannot just step in and replace all currencies and digital money.”

Even with this considered, it still a step in the right direction for the project and with a population of 69.04 million, it would be a significant step for the coin,

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