However, a Spokesperson in charge of the representation of the Swiss Regulator denied the fact that they have been given any charge of it. It was also denied of having been contacted by Libra initiators in any time close.
In front of the Senate Banking Committee, Facebook’s head in digital currency project, David Marcus stated that the responsibility of data and privacy protection and privacy regulation of Libra shall be handed over to the Swiss Federal Data Protection and Information Commissioner (FDPIC).
When asked about the exact roles that the company shall play in the privacy regulation, FDPIC head of communication, Hugo Wyler said CNBC that though they have taken note of Marcus’s statement yet they have not been contacted by the Libra Promoters till date. Tyler also confirmed that in case if Facebook Approaches them someday in the near future, they will build their confidence and competence on the concrete ground of activity information.
FDPIC shall be contacted for the data privacy while The Swiss Financial Market Supervisory Authority, FINMA will be the financial regulator. FINMA is, however, familiar with the process and has been contacted by Libra initiators.
The major concern is that Social media Giant Facebook has no immediate need to launch the Cryptocurrency program. Keeping in mind the number of ethical or unethical hackers in or around Facebook who are well acquainted with the workings and development criteria of Facebook, the cryptocurrency matter will again show traces of woes. Provided if Facebook started to advertise the number of Bitcoins shared or spend by the user, the privacy will again be a threat.