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Libra project applies for Swiss payment licence

Facebook’s crypto project keeps pending a Swiss payment licence, according to regulator report on Wednesday, having mentioned, that it’s vital to maintain a broad oversight of all its cryptocurrency services.

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Recall, the one of the biggest social media giant announced in the beginning of the summer 2019 its plans for launching its own crypto project, named Libra with plans to extend the spectrum of company services, adding also some options in the area of e-commerce and global payments. This announcement in June 2019 draw attention of global financial officials, as Libra project will have an impact on global financial markets.

Facebook’s Libra was asked to make clear its status and the position of Geneva-based Libra Association involved in this project with regard to Swiss supervisory law.

U.S. representative from Terrorism and Financial Intelligence unit noticed in his comments to reporters that social media crypto project will have to correspond to the highest standards to avoid any operations aimed on money laundering and financing of the terrorism if it waits for a green light to start working properly.