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Switzerland’s FINMA boss fears of crypto’s ‘dark corners’ not to Scale

FILE PICTURE: A 3D-printed Facebook Scale cryptocurrency’s logo is seen in front of the display and German flag on it in this picture, the 13th of September 2019. REUTERS/dado Ruvic/File Photo

ZURICH (Reuters) – France is concerned about the cryptocurrency development projects as well as the official control on the Facebook-thought Scale project, it is important to deal with the degree of openness, the head of switzerland’s financial regulator FINMA said on Tuesday.

“I’m a lot more nervous about it projects that will evolve into a dark corner of the financial system, somehow, spread through the digital space and are too big to be stopped,” Branson said at a Bloomberg event in Zürich, switzerland. “This is something that has been done is transparent.”

Three months ago, Facebook announced the launch of the digital currency in June of 2020, sparking intense interest in, and, more recently, the opposition of France and Germany, in what is believed to be attempting to drag cryptocurrencies into the mainstream. The project will be delayed to the middle of the overall assessment, the balance, officials said last week.

The Scale of Association which is in charge of the digital coin, is headquartered in Geneva, Switzerland, has been the focus of much of the review because the Center’s office is in the company of those, who oversees the project.

He reiterated that the money will be subject to strict rules that usually apply to the banks at the top of the heavy-duty, anti-money laundering legislation, which in Switzerland would not put up additional barriers at the front end of the project.

“We didn’t come here to make such projects impossible,” Branson said. “We’ll get back to you with an open mind, and an attitude that will have the same risks and require the same rules and regulations. Our standards are non-negotiable.”

Reporting by Angelika Gruber, writing by Riham Alkousaa, handled by John Miller

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