Previously we have seen how Libra worried crypto lawmakers. Libra is expected to make the crypto market rise to a different level because of its association with Facebook. The cryptocurrency industry has been growing quietly, and without any clear regulations, it is now being discussed publicly bringing all cryptoassets under the spotlight. This is what worries lawmakers, and this is why the blockchain association, a group founded last year to unite and advocate for the industry, is pointing out how dealing with cryptocurrencies is much more complicated.
Now, the story has taken a different turn, and the Libra association is now seeking a Swiss Payments License from Switzerland’s Financial Market Supervisory Authority (FINMA). In an official statement, the Swiss-registered Libra Association (a non-profit affiliation that was set up to regulate the Libra network) declared its decision to coordinate a regulatory framework with the Swiss regulators, FINMA, claiming that Switzerland offers a path for responsible financial services innovation that is harmonized with global financial standards and active supervision. They engage in a constructive dialogue with FINMA and are encouraged to find a possible way for an open-source blockchain network to be a regulated, low-friction, and highly secure payment system.
Libra can have both positive or negative effects on the market of crypto assets. For example, if someone receives a Libra on Facebook from a friend, he might consider changing it with bitcoin or SGC. The Secured Gold Coin is a gold-backed cryptocurrency where 60% of the value is backed by gold. SGC is a hybrid currency that offers SGC PAY debit card, which makes the currency usable in daily routines and known for having a stable value making it an excellent opportunity for users. Their value does not vary until the value of the asset is changed that they are dependent on.