SNB: Facebook Libra currency documents are ambiguous

  • by Ofeed Team
  • August 28, 2019, 17:31 AM
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Swiss Central Bank Vice President Fritz Zorbrough made the news on August 27 in a Reuters report on the existence of a communication between the Swiss Central Bank and those responsible for the launch of the new Facebook currency (Libra).

According to Fritz Zorbrough that it was difficult to fully analyze the Libra project during this period, mainly because of the ambiguity of the available documents, as well as the lack of some important details that might in turn help to familiarize with all the details of the new currency to be launched within 2020.

The remarks came after a visit by some U.S. lawmakers to Switzerland earlier this month, looking forward to how the Libra was organized by various Swiss authorities.

This comes amid global exposure and negative response from Facebook's new currency, due to growing concerns about the vulnerability of user data. In a related context, the U.S. government has issued statements about its full concern about Facebook's new cryptocurrency project, which in turn has weakened The Libera's position in global markets.

As part of Facebook's path to defend its new currency project, the social media giant yesterday turned to FS Vector in an effort to ease the pressure on its currency, in addition to launching the General Error Rewards program, to prevent security problems before the launch of the Libra.

On the other hand, as of 12:27 GMT the price of Bitcoin today reached to the levels of $10,194.50, due to a rise of nearly 0.53%, while the price of Ethereum reached $187.14, up 0.28%.

Ripple lags behind this rise in Bitcoin and Ethereum, falling today by 0.32% and approaching the levels of $0.267008, while Litecoin was down by 0.42%, to reach the level of $72.69 during today's session.

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