The Libra Association, a non-profit organization created to govern the Libra network, has explained through an official announcement it has asked the Financial Markets Supervisory Authority (FINMA) to grant Libra a payment system license.
The social network's stablecoin, which was announced on June 18, has generated great interest and concern. Regulators from all over the world fear it might represent a threat to the global financial stability. For this reason, Facebook is trying to obtain all the necessary licenses, including the Swiss payment system license.
The Libra Association has said:
"Switzerland offers a pathway for responsible financial services innovation harmonized with global financial norms and strong oversight. We are engaging in constructive dialogue with FINMA and are encouraged to see a feasible pathway for an open-source blockchain network to become a regulated, low-friction, high-security payment system."
The FINMA published this summer a guide about the regulatory requirements that regulate blockchain payments.
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