So far there has been a lot of criticism around Facebook’s Libra – but this has nowhere affected the popularity of its new stable coin. The latest report states that Facebook might soon have its shop setup of Libra Association in Geneva, Switzerland.
Facebook Plans To Open Geneva-Based Libra Association
As always, Switzerland is again stepping ahead to capture the mainstream attention – in fact, is already a blockchain & crypto hub with favorable crypto regulations. While central banks across major countries of the world are still researching about Libra, Switzerland is opening up its door to welcome new cryptocurrency recently launched by Facebook.
Bloomberg on June 25, 2019, reports that Facebook selected Switzerland’s city, Geneva as the home of Libra Association. This comes as confirmed report after Pierre Maudet who is the Canton’s economic development chief, said “Geneva is excited to work with Facebook’ after receiving confirmation from Facebook. Additionally, the Swiss State Secretariat for International Finance said that it’s a
“positive sign that Switzerland can play a role in an ambitious international project.”
Another report on Libra by Reuters also notes that FINMA ( Swiss Financial Market Supervisory Authority) which is Switzerland’s financial regulator’ says that they’re in a contract with Libra’s initiator. However, further details are yet to be revealed.
Swiss – Crypto Hub
Although, various countries think cryptocurrency is a matter of severe concern – while on the other hand, the Swiss city of Zug is already rushing as “Crypto Valley” – as home to crypto and blockchain development hub. Moreover, Finance Minister Johann Schneider-Ammann also states that crypto revolution is moving into a “Crypto Nation Switzerland.”Concerning the similar regards; Sven Korschinowski, a partner at KPMG states that;
“Switzerland’s regulation is much lighter than in other European countries when it comes to cryptocurrencies,. It made sense for Libra to come to Switzerland.”
Being a crypto-friendly jurisdiction, Switzerland is also counted among the limited countries where the tax on crypto investments are not as stern as it is in other countries. According to Forbes’s recent report, cryptocurrency gains in Switzerland are treated as tax-exempt capital gains.
What do you think about Switzerland and its forwarding step in crypto industry.? Let us know in the comment below
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com