Swiss data watchdog awaits details on Facebook cryptocurrency plan – Latest News

Facebook Inc’s Libra cryptocurrency project has not responded to an information request by Switzerland’s data privacy watchdog, the authority said on Tuesday, noting it wants more details to help define its oversight role over the U.S. social media company’s proposed digital currency.

Facebook in mid-June announced plans to launch Libra next year as it expands to e-commerce and digital payments. Since then, it has faced scrutiny by politicians, regulators and central bankers around the globe, including over fear that widespread adoption by Facebook’s 2.38 billion users could disrupt the financial system and facilitate money laundering.

David Marcus, who oversees Facebook’s currency project, said at a U.S. Senate hearing earlier this month he expected the Swiss Federal Data Protection and Information Commissioner (FDPIC) to be Libra’s privacy regulator. This is because the nonprofit Libra Association, which Facebook had set up to oversee the currency, is based in Geneva.

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