Facebook’s Libra is not a threat, as it may provide enough transparency and reports about the activity, said Mark Branson, head of the Swiss regulatory body FINMA. Branson spoke about the approach to alternative finance projects during a Bloomberg event in Zurich.
“I am much more nervous about projects which develop in a dark corner in the financial system somewhere, spread themselves out through cyber space and one day are too big to be stopped,” Branson said. “Here is something which is being done transparently.”
There are plenty of “too big” and problematic projects within the crypto space, which have boomed beyond the reach of regulators. But Facebook (NASDAQ:FB) is working toward a clear permission, to avoid future mistakes and fines.
Switzerland’s position is highly important for Libra, as the asset would be backed by the Libra Association, an entity established in Switzerland. Br...