https://wccftech.com/facebooks-libra-attempts-to-seek-regulatory-approval-from-swiss-finma/

It was only recently that Facebook (NASDAQ:FB) rocked the crypto world by launching its own cryptocurrency called Libra. Now details have emerged that Facebook is actively pursuing a payment system license from the Swiss financial regulator, FINMA. The Libra Association, which has been tasked by Facebook to oversee the proposed cryptocurrency, said in a statement that, “We are engaging in constructive dialogue with FINMA and we see a feasible pathway for an open-source blockchain network to become a regulated, low-friction, high-security payment system.” Obviously, Switzerland seems to be a logical choice for the debut of this unconventional payment system given the country’s long history of ardent adherence to banking secrecy and financial privacy.

Facebook has envisioned Libra as a blockchain-based digital currency backed by a basket of fiat currencies including the U.S. Dollar, Pound Sterling, Euro, Yen, and the Singapore Dollar. This fiat backing is meant to ensure the reduction in volatility that seems to have become the hallmark of cryptocurrencies over the recent past. However, according to initial reports, the Chinese Yuan will not be included in this basket even though the said currency is a constituent of IMF’s Special Drawing Rights (SDR), an international reserve asset that serves as a unit of account for the IMF and a few other multilateral organizations.