Libra project documents are vague: SNB’s Zurbruegg

Swiss National Bank's Zurbruegg says that currently there is close contact “between various authorities on Libra cryptocurrency project.” SNB reckons that at the moment Facebook’s proposed cryptocurrency is a hard nut to crack. This follows the lack of comprehensive documentation. The vague documentation makes it difficult to analyze Libra as a project.

As reported on Monday, United States lawmakers are still in doubt regarding Facebook and the intended crypto. In fact, an official visit to Switzerland to discuss the project with the regulators in the country did little to clear the skepticism.

Facebook is facing the regulatory blowback because of its tainted history with violations of customer data. Moreover, the potential the project has raises eyebrows on the power Facebook could have on the global economy.