US and Swiss lawmakers will discuss Facebook digital currency

US and Swiss lawmakers will discuss Facebook digital currency
Abstract

A delegation from the US House of Representatives will travel to Switzerland to discuss issues related to digital currencies, and in particular the Libra project, to be launched from Facebook.

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A delegation from the US House of Representatives will travel to Switzerland to discuss issues related to digital currencies, and in particular the Libra project, to be launched from Facebook.

A six-member group of the House Financial Services Committee is set to meet with Adrian Labsiger, head of the Swiss Federal Office for Information and Data Security, about digital currencies, according to the Kevin Telegraph and a local news agency August 17.

A source close to the Swiss authorities said that Facebook's digital currency would be the main focus of the expeditions and the Swiss authorities. Maxine Waters, chairman of the House Committee on Economic Affairs, will oversee the delegation. Waters had earlier called for Facebook to immediately suspend the Libra Development Plan.

The purpose of the meeting is to clarify the legislative programs surrounding Libera. During a July Libra review session in the US House of Representatives Economic Committee, some deputies expressed dissatisfaction with Swiss legislation on Facebook coins.

During the meeting, David Markus, a senior Liberian official, assured Bill Hoysenga that Libera would operate within the framework set by Swiss market regulators.

Hugo Wheeler, the head of public relations at the Federal Information and Data Security Authority of Switzerland, had earlier announced that Facebook had failed to comply with legal requirements regarding its digital currency project. The agency sent a letter to the Libra Union seeking further explanation:

The Federal Office for Information and Data Security states in its letter that it does not have any data from the data being reviewed by Facebook; it is obliged to inform the agency of its current status and to monitor and comply with its instructions.

Asked by one of the delegates about Switzerland's choice, describing the country as an international place to do business, Marcus said during a Libra review session in the US House of Representatives:

This has nothing to do with circumventing the rules.

Source: Source: cointelegraph

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