U.S lawmakers visit Switzerland for the consultation on Libra regulation

The United States Congress delegation of five congresspersons visited Switzerland in order to meet with the Swiss Federal Data Protection and Information Commissioner (FDPIC) Adrian Lobsiger, as reported week earlier in the Swiss media. Delegation is led by the chairwoman of the House Financial Services Committee, Maxine Waters. Delegations exchanged views on the future regulation around Facebook’s proposed cryptocurrency Libra. This in particular include the measures of data protection Facebook will impose to the financial transaction in the Libra payment system. Apart from the FDPIC, Congress delegation had plans to meet with Financial Market Supervisory Authority (FINMA) representatives.

Earlier in July, Swiss Federal Data Protection and Information Commissioner (FDPIC) announced that ‘it was expecting Libra to conduct an impact assessment of data protection risks associated with the cryptocurrency, evaluate risks and propose measures to minimize them.’