Switzerland To Regulate Libra as Thailand Opens Discussions

Switzerland To Regulate Libra as Thailand Opens Discussions

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

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,

Recently Similar News

Latest Guides

Latest News

Blockchain,Changelly,Cryptocurrency,Exchange Platforms

Changelly Adds Ardor, Ignis, and NXT to Changelly PRO

Changelly, the online cryptocurrency exchanges, has added three more tradable assets to their Changelly PRO platform. Changelly, the large online crypto exchange, has recently added an additional three cryptocurrencies to their Changelly PRO platform, Ardor, Ignis, and NXT. All three tokens developed by Jelurida will be tradable against BTC as ARDR/BTC, IGNIS/BTC, and NXT/BTC. Jelurida […]

6 November, 2020
Crypto Wallets,Exchange Platforms,Kraken,Ledger

Ledger Phishing Scam is Targeting Crypto Wallet Users

Ledger, the cryptocurrency wallet company, has been massively affected by a data breach and phishing scam. Ledger, the world renowned cryptocurrency hardware wallet producer, is facing a lot of problems with a data breach that is being used to target their customers. Kraken Intelligence, the intelligence arm of the Kraken cryptocurrency exchange, analyzes this data […]

5 November, 2020

Ethereum on Track to be First Blockchain To Process $1 Trillion In Yearly Transactions

Ethereum, the second largest cryptocurrency by market cap, is preparing to break the $1 trillion mark in yearly processing. Ethererum, the largest cryptocurrency behind Bitcoin, is on track to be the first blockchain to process over $1 trillion in transactions in a single year. Currently, the Ethereum network is processing more than double the amount […]

4 November, 2020
Binance,Blockchain,Cryptocurrency,Exchange Platforms

Binance is Giving Away $20,000 in Fifth Learn and Earn Series

Binance, the largest online cryptocurrency exchange, is hosting its fifth learn and earn series, this time with Orion Protocol. Binance, the worlds largest cryptocurrency exchange, will be hosting their 5th Learn and Earn campaign in collaboration with the Orion Protocol. In this campaign, Binance will be giving away $20,000 worth of ORN, the native cryptocurrency […]

3 November, 2020
Bitcoin,Blockchain,Cryptocurrency,Exchange Platforms

Bitcoin Monthly Prices Finishes at Second All-Time High

At the end of October, Bitcoin has registered its second highest closing price of all time. Bitcoin bulls continue to rejoice as Bitcoin closes at its second highest monthly price in the history of the digital currency. Bitcoin closed October with a price hovering right around $13,800, the second highest monthly price finish besides the […]

2 November, 2020
Cryptocurrency,Exchange Platforms

Cryptimi Announces Launch of Additional Platform for German Speaking Users

 At Cryptimi, we have announced the launch of our newest news platform in one of the largest languages globally, German. We are very pleased to announce the release of our world class Cryptimi platform in German! Now, all german speakers will be able to access all of the traditional media and features they would receive […]

27 October, 2020

CoinMarketCap Launches Latest Earn Campaign With Helium

CoinMarketCap, the largest online market cap aggregator, has launched their latest Learn and Earn campaign with Helium. CoinMarketCap has launched their latest iteration of their Learn and Earn program in partnership with Helium. Learn and Earn is a program launched by CoinMarketCap that allows cryptocurrency users to learn about new cryptocurrencies and earn some of […]

25 October, 2020
Binance,Bitcoin,Cryptocurrency,Exchange Platforms

You Can Now Spend BNB and BUSD With All Shopify Merchants

Shopify, the all-in-one online commerce website, now allows all of its merchants to accept Binance’s tokens BNB and BUSD via Alchemy Pay. Alchemy Pay, a worldwide cryptocurrency payment solution provider has worked with Binance and Shopify to integrate BNB and BUSD for payments to all Shopify merchants. Shopify is the worlds largest e-commerce platform with […]

23 October, 2020