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Wind has run – Facebook currency is no longer welcome in Switzerland – News


As Facebook announced in June, in Geneva launching the digital currency Libra, it resolved in economic circles and in part in politics euphoria. Yet the wind has turned. Critical tones are also coming from the Federal Council.

Swiss Silicon Valley manager David Marcus directed the payment service Paypal and Facebook the messenger. Now, in Geneva, Facebook wants to launch Libra digital currency, which it declared for a good month in Western Switzerland. "If we do well, Libra will revolutionize the financial world," Marcus softly. "We were reducing the cost of banking and giving 1

.7 billion people access to the banking system that could not make such transactions today."

At the Federal Council, Marcus is standing in the open ears. The Swiss government wants to promote digital currencies based on blockchain technology. It is hoped that the financial industry will be able to give new impetus. In so far came the so-called "crypto-valley". That Libra is coming to Switzerland, said a "positive sign for the economic location," wrote the Federal Council in August.

Worldwide criticism

But since then, the wind has turned. Influential Notebooks Criticized Libra Project: The Stability of Currencies Said with Libra Endorsed, Libra Could Not Control Like a Domestic Currency. . In October, the controversial Facebook project also jumps off important credit card partners Visa and Mastercard.

Federal Council Critic

This week, in the "New Zürcher Zeitung" and Federal President and Finance Minister Ueli Maurer criticized critically: "In its original form pushes Libra internationally to much political resilience, "the SVP Federal Council resumed.

SVP financial specialist and banker Thomas Matter doubles: The Swiss said it was advisable not to grant Libra. Libra said a danger to the Swiss Francs. When Libra said in hilarious currencies, the Franks could come under even stronger appreciation pressure.

SP consumer protectionist and national justice Prisca Birrer-Heimo already warned about Libra in the summer. Finally, the government also recognizes the dangers.

"Unfortunately, the critical reconciliation with the great risks of Libra late," says Birrer-Heimo. "Switzerland as a Libra-selected location must actively address the risks of a private parallel currency."

Libra chief remains confident

Libra manager David Marcus is self-critical. "I can understand the fear of Facebook's sizes," he softly remarks to Western Swiss TV, "and we have made mistakes in the past." Marcus still believes, despite worldwide criticism, that he can launch this currency.

The Swiss National Bank would like to become a single system system-relevant Grossbank and therefore, if there is a grant for the Facebook currency. The Nationalbank is also taking a backlash with other notebooks. At the moment, the note bankers are skeptical that Facebook can get started as soon as planned by 2020 with its currency.

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