Switzerland’s central bank, Swiss national bank (SNB) is in shut contact with the relevant authorities over Facebook’s Geneva-based crypto project Libra.

The news comes from SNB vice-chairman Fritz Zurbruegg via a Reuters report from August. 27.

Libra documentation still lack some details

Zurbruegg stated that it's still tough to investigate the Libra project fully, citing the imprecise character of available documentation. He another that some details are still missing within the documents.

The news follows a visit by U.S. lawmakers to Switzerland this month so as to clarify how numerous Swiss authorities would regulate Libra, furthermore as learn more details concerning the project. However, U.S. authorities after issued an official statement claiming that they were still involved over Facebook’s crypto project.

U.S. Rep. Maxine Waters, chair of the U.S. House of Representatives’ monetary Services Committee, stated last week that the committee can still review Libra and its digital wallet Calibra.

Facebook fights to ease negative response

In the interim, Facebook is battling to save the not-yet-launched project. Yesterday, the social media giant employed Washington-based lobbying firm FS Vector to assist it simple regulative pressure over Libra. Earlier today, the Libra Association launched its public bug bounty program so as to forestall security problems in advance of Libra’s anticipated 2020 launch.

On Aug. 23, the financial Times reported that a minimum of 3 of Libra’s early backers were considering quitting the project in light of negative international response to the project.

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