The Swiss data protection regulator is waiting for Facebook to provide it with particulars on data protection risks associated with the forthcoming Libra digital currency, Reuters reported on July 23.
The
Federal Data Protection and Information Commissioner (FDPIC) — the
competent authority for data processing by federal bodies and
individuals in Switzerland — sent a letter to Libra Association on July
17, asking for details about Libra. The FDPIC stated:
“The
Federal Data Protection and Information Commissioner has noted the
remarks made by Mr. David Marcus at his hearing before a U.S. Senate committee.
The FDPIC stated in his letter that as he had not received any
indication on what personal data may be processed, the Libra Association
should inform him of the current status of the project so that he could
assess the extent to which his advisory competences and supervisory
powers would apply.”
The news follows a statement
from the head of communication at the FDPIC, Hugo Wyler, who said that
Facebook had not contacted Swiss regulators regarding the registration
of its cryptocurrency project.
At the time, Wyler said that the
FDPIC expects Facebook or its promoters to provide it with concrete
information when the time comes, and that the agency is following the
development of Libra in the public debate.
U.S. Regulators question Libra’s Swiss registration
As
previously reported, Marcus assured Representative Bill Huizenga that
Facebook had been in touch with the Financial Market Supervisory
Authority, a Swiss financial regulator. Marcus also underlined
that Facebook would not launch the Libra cryptocurrency project before
they received the go-ahead from all relevant regulatory authorities.
At a hearing with the United States House of Representatives Financial Services Committee on July 17, Rep. Patrick McHenry asked
Marcus why Facebook wanted to have its project based in Switzerland.
Marcus responded that it was an “international place” conducive to doing
business.
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