U.S. Lawmakers Going To Switzerland To Check On Libra

A contingent of lawmakers from the United States of America, specifically from the House of Representatives will visit Switzerland with the primary purpose of knowing more about how the country handles cryptocurrencies with particular focus on Facebook’s Libra.

The delegation is a six-member team from the House Financial Services Committee intends to meet with Adrian Lobsiger, the commissioner at the Swiss Federal Data Protection and Information Commission (FDPIC) to discuss digital currencies.

Chairwoman of the House Financial Services Committee, Maxine Waters, will lead the delegation to discuss with FDPIC about cryptocurrencies focusing on Libra, a Facebook project that the Chairwoman called to halt development not until its purported risk could be properly understood.

Prior to the visit congress representatives expressed their concerns and discomfort with the coin being regulated from Switzerland leading them to question why Facebook as chosen the territory to launch its project.

David Marcus, representative of Facebook during the hearing as well as the head of the Libra project, in an effort to quell concerns gave his assurance that the decision to have Libra base of operations in Switzerland has nothing to do with evading regulations or oversight but rather being an international place favorable to do business.