October 1, 2019 / 12:13 PM / 4 months ago

Switzerland's FINMA boss says Facebook's Libra handled transparently

BERLIN, Oct 1 (Reuters) - Switzerland is more worried about cryptocurrency projects developing outside official scrutiny than he is about Facebook-conceived Libra, which is being handled transparently, the head of Swiss financial supervisor FINMA said on Tuesday.

FINMA Chief Executive Mark Branson said at a Bloomberg event in Zurich that he is "much more nervous" about projects being cultivated "in the dark" than he is about the social media giant-backed digital coin, which he said is on the radar of international regulatory bodies.

Three months ago, Facebook announced plans to launch the digital currency in June 2020, sparking intense interest -- and opposition from France and Germany -- in what is seen as a bid to drag cryptocurrencies into the mainstream. Organisers of the push have said the project could be delayed, amid global scrutiny. (Reporting by Angelika Gruber, writing by Riham Alkousaa, editing by John Miller)

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