Swiss Regulator Will not Impede Libra's Development
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Oct. 2, 2019
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Mark Branson, head of the Swiss Financial Markets Supervisory Authority (FINMA), has said the regulator does not plan to impede the development of Facebook's crypto project, Reuters reports.

This statement comes shortly after Bruno Le Maire, France's minister of economy and finance, said his country "cannot allow the development of Libra on European soil."

According to Branson's statement, his country wishes to maintain an open attitude towards the stablecoin and will regulate it according to its risks, but it will not impede its development under any circumstances.

The fact that Switzerland is not adopting a drastic attitude towards cryptos is not surprising due to the fact that the country has become an important development center for this technology. There are currently over 700 blockchain startups in its territory, including the headquarters of the Libra Association (Geneva).

The Swiss city of Zug is home to the Crypto Valley, an important center for crypto and blockchain development considered the fastest growing tech community in Europe.

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