Social media large Facebook has reportedly not contacted Swiss regulators concerning the registration of its long-awaited cryptocurrency project Libra.

On July 16, Hugo Wyler, a spokesman for and head of communication at Swiss Federal data Protection and information Commissioner (FDPIC), told CNBC that the agency has not been contacted by the promoters of Libra. Notably, the Libra project’s head, David Marcus mentioned in his testimony that the FDPIC would be the Libra Association’s privacy regulator:

“For the needs of data and privacy protections, Swiss Federal data Protection and information Commissioner are going to be the Libra Association’s privacy regulator.”

Wyler stated that “we have taken note of the statements created by David Marcus, chief of Calibra, on our potential role as information protection supervisory authority within the Libra context. Till today we've got not been contacted by the promoters of Libra,” and further added:

“We expect Facebook or its promoters to supply us with concrete info once the time comes. Only then can we be able to examine the extent to that our legal consultive and supervisory competence is given. In any case, we are following the event of the project within the speaking.”

U.S. lawmakers are cautious of a foreign-regulated coin

At a hearing today with the U.S. House of Representatives monetary Services Committee, Rep. patron saint McHenry asked Marcus why Facebook needed to own its project based in Switzerland, to that Marcus responded that it had been an “international place” conducive to doing business.

Rep. JoshGottheimer expressed his own issues on why Facebook has determined to travel abroad, to that Marcus said, “Again, the choice of Switzerland — nothing to do with evading laws or oversight.”

Marcus assured Rep. Bill Huizenga that Facebook had so been involved with the monetary Market supervisory Authority, a Swiss monetary regulator. Marcus any underlined that Facebook wouldn't launch the Libra cryptocurrency project before they received the go-ahed from all relevant regulatory authorities.

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