The project applied for a license from the Swiss Financial Markets Supervision Authority
Facebook’s Digital Currency Libra has applied for a payment system license from the Swiss Financial Market Supervisory Authority (Finma).
It is noted that the Libra licensing process will continue to require approval from other central banks and financial regulatory authorities.
According to New white paper edition The project expects several changes, including Tula technical changes. It is planned to develop a series of stablocks, each of which will be linked to various fiat currencies – US Dollar, Euro, British Pound Sterling and Singapore Dollar. In addition, each fixed currency will be provided with a reserve – cash or cash equivalent. The company will also develop the Libra blockchain, which will form the basis of financial services, including the new global payment system Tula.
To prevent money laundering, Libra plans to impose limits on unplugged web wallets (unhosted wallets – cryptocurrency wallets, for which you have to provide keys in the system each time) restrictions on the balance and size of transactions And the network itself at the time of launch. Will be available only to regulated companies.
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Earlier, we wrote that the Libra Association was remodeled for the first time in four months with a new member – it was Shopify, which develops software for online and retail stores.
Previously, Facebook left it a few months after the launch of the cryptocurrency project on social networks, MasterCard, Visa, eBay, Stripe, Vodafone, Mercado Pego, PayPal and Booking.com. Tula also faced criticism from regulators, in particular, at the end of last year, EU finance ministers said they would not accept the release of such cryptocurrency without proper regulation.
Shopify representatives explained their decision to join the project with a payment problem in the growing e-commerce sector, which can be resolved with the Libra stable currency.
Read: Gram and Libra: What are the prospects for Telegram and Facebook crypto projects
According to the material finextra.com