US lawmakers discuss Libra with Swiss authorities

A trip to Switzerland and a meeting with local regulators did not seem to dispel the concerns of US lawmakers about the Facebook Libra cryptocurrency project.

As the chairman of the financial committee of the House of Representatives of the US Congress Maxine Waters (Maxine Waters), the delegation of Congress met with representatives of various regulators and departments of Switzerland. Among them are representatives of the Swiss State Secretariat for International Financial Affairs and the Office of the Financial Market Oversight, as well as the Commissioner for Data and Information Protection.

“Although I appreciate the time spent by Swiss officials to meet with us, I still fear that a large technology company is going to create a private alternative global currency,” said Waters.

She emphasized that the meeting with Swiss regulators helped clarify the status of the Libra project and its complexity. However, Congress intends to continue to research stablecoin to ensure that the project meets all regulatory requirements. In addition, cryptocurrency should not pose a threat to the US national currency.

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Recall that the plans of the delegation’s trip from the US House of Representatives to Switzerland became known last week. Interestingly, according to the head of the Bank of England, Mark Carney, a digital currency similar to Libra should replace the US dollar as a global reserve currency.