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The Swiss Federal Council continues to monitor new digital technology developments such as blockchain, stablecoins and distributed ledger technology.
The Swiss Federal Council is continuing to keep close tabs on global stablecoin projects and their possible opportunities and challenges.
Switzerland is seen as very crypto-friendly
In a news release on Oct. 16, the Swiss Federal Council stated that it was recently informed about âcurrent opportunities and challenges associated with stablecoinsâ and that Switzerland will continue to monitor new digital technology developments, such as blockchain and distributed ledger technology.
The Federal Council states that, while the mountainous European country is generally seen as very crypto-friendly and âopen to innovative approaches in the financial market,â it remains committed to addressing the risks related to stablecoins and cryptocurrencies, saying:
âThe Federal Council is committed to ensuring that the currency and stability policy challenges, in particular, are addressed through international cooperation between governments, central banks and supervisory authorities, with private providers also included.â
The seven-member executive council further noted that Facebookâs Libra coin, which is to be overseen by the Geneva-based Libra Association, would be exposed to limited volatility thanks to being backed by a basket of stable fiat currencies.
Libra seeks Swiss payment license
Cointelegraph previously reported that the Libra Association â the governing body of Facebookâs eponymous stablecoin project â was required to obtain a payment system license from Switzerlandâs Financial Market Supervisory Authority (FINMA) for Libra. The associationâs head of policy and communications, Dante Disparte, said at the time:
âWe are engaging in constructive dialogue with FINMA and we see a feasible pathway for an open-source blockchain network to become a regulated, low-friction, high-security payment system. This is an important step in Libra projectâs evolution, and we look forward to continuing our engagement with all stakeholders over the coming months.â
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