October 16, 2019 / 11:37 AM / a month ago

Swiss government closely monitoring stable coin developments

ZURICH, Oct 16 (Reuters) - The Swiss government is monitoring closely developments of stable coin projects like the Facebook-backed Libra project that is based in the country, it said on Wednesday.

"The Federal Council is keeping a very close eye on global stablecoin projects and their associated opportunities and risks," the government said, highlighting concerns around financial stability, money laundering and monetary policy, linked to the digital currency.

"The Federal Council is committed to ensuring that the currency and stability policy challenges, in particular, are addressed through international cooperation between governments, central banks and supervisory authorities, with private providers also included," it said after a meeting on Wednesday. (Reporting by John Revill)

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