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Facebook Libra aims to acquire Swiss payment system license

Facebook Libra is now soliciting Swiss payment system license from Switzerland’s financial industry regulator, Financial Market Supervisory Authority (FINMA), for its highly ambitious stablecoin project.

Reuters reported today that the world’s biggest social media company’s Switzerland registered the not-for-profit organization, Libra Association, is in talks with the Swiss financial watchdog to build a seamless, regulated and highly secured payment platform.

It all began in June when the social media giant chose to step outside its comfort zone to expand its reach beyond just social media. Soon it started laying its foundation blocks for the eagerly-anticipated project, Libra. Unfortunately, the project met with formidable challenges right from the start, and since then, it is…

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