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Swiss Group That’s Supposed To Oversee Privacy For Libra Says It Hasn’t Heard From Facebook At All

Facebook said on Tuesday that authorities in Switzerland will oversee data and privacy protections of its new cryptocurrency Libra. But the Swiss regulator has yet to be contacted by Facebook, according to a spokesperson. From a report: In his testimony in front of the Senate Banking Committee Tuesday, David Marcus, the head of Facebook’s digital currency project Libra, said, “For the purposes of data and privacy protections, the Swiss Federal Data Protection and Information Commissioner (FDPIC) will be the Libra Association’s privacy regulator.” Asked about the agency’s role regulating Libra, Hugo Wyler, head of communication at the FDPIC, said in a statement to CNBC: “We have taken note of the statements made by David Marcus, Chief of Calibra, on our potential role as data protection supervisory authority in the Libra context. Until today we have not been contacted by the promoters of Libra,” Wyler said. “We expect Facebook or its promoters to provide us with concrete information when the time comes. Only then will we be able to examine the extent to which our legal advisory and supervisory competence is given. In any case, we are following the development of the project in the public debate.”


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