Facebook’s Libra documents are ‘very vague’, says Switzerland central bank official

Fritz Zurbruegg, vice chairman of Swiss National Bank, the country’s central bank, has said that documents of Facebook’s proposed cryptocurrency, Libra, are “very vague.”

The central bank is in close contact with relevant authorities, but “at the moment, it’s difficult to perform a full analysis (of the project) because the available documents are very vague and details are still missing,” Zurbruegg said, according to a Reuters report on Tuesday.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

The official made the comments at an event in Zurich city, adding that how national and global regulators handle the project remains a critical point.

Facebook announced the Libra project in mid-June and has since faced intense regulatory scrutiny from around the world. Facebook's blockchain lead, David Marcus, recently assured senators and other lawmakers in the U.S. that Libra won't launch until all concerns are addressed.

In other news, the Libra Association today launched a bug bounty program for all, which pays up to $10,000 in rewards for discovering the “most critical” issues in the Libra blockchain network.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.