Libra is suddenly attacking other cryptocurrencies

Head of communication at the Swiss Federal Data Protection and Information Commissioner (FDPIC), Hugo Wyler, informed CNBC that the agency has not been contacted by Facebook concerning its cryptocurrency project.

Before then, Libra project’s head, David Marcus, mentioned in his testimony that the FDPIC would be Libra Association’s privacy regulator, he said:

“For the purposes of data and privacy protections, the Swiss Federal Data Protection and Information Commissioner will be the Libra Association’s privacy regulator.”

But, contrary to Marcus’ words, Wyler said:

“We have taken note of the statements made by David Marcus, chief of Calibra, on our potential role as data protection supervisory authority in the Libra context. Until today we have not been contacted by the promoters of Libra.”

“We expect Facebook or its promoters to provide us with concrete information when the time comes. Only then will we be able to examine the extent to which our legal advisory and supervisory competence is given. In any case, we are following the development of the project in the public debate,” Wyler added.

At the hearing with the United States House of Representatives Financial Services Committee, Rep. Patrick McHenry asked Marcus the reason why Facebook wanted to have its project based in Switzerland, and Marcus responded saying it was an “international place” conducive to doing business and the choice of had “nothing to do with evading regulations or oversight.”

Marcus also assured Rep. Bill Huizenga that Facebook had been in touch with the Financial Market Supervisory Authority. He further mentioned that the Libra cryptocurrency project wouldn’t be launched before the go-ahead from all relevant regulatory authorities.


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