The central bankers have to weigh Facebook’s Scale plan

ZUG, Switzerland (Reuters) – A senior member of the Swiss National Bank said that he was open-minded on Facebook’s cryptocurrency project, while the Italian officer looked up for more information regarding the central banks are trying to get a grasp on the initiative.

FILE PHOTO: a Small toy figures in the painting are to be seen in the representations of the virtual currency in the front end of the Scale, the logo in this illustration picture the 21 of June, 2019 at the latest. REUTERS/dado Ruvic/Image/File Photo

Facebook revealed plans last week for the launch of the monitor, the latest advancement in its attempt to expand outside of the social networks, as well as the transition to e-commerce, and global payments.

“In general, I think it’s an interesting development, and I’m pretty relaxed about it,” Thomas Moser, an alternate member of the Swiss National Bank’s governing board, said at the Crypto Valley ” Conference to be held in Lucerne.

“They have made it clear that they are willing to play by the rules, they will be out of contact with the authorities,” Moser added.

How do the regulators of the international financial system, responsive to the Scale of the project, which Facebook intends to launch in the first half of the 2020s, will have a crucial impact on the prognosis.

The cryptocurrency must have the respect of anti-money laundering legislation and the money-lenders should look for the licenses when it provides to banking services, France’s central bank chief said in an interview with the magazine.

Domenico Gammaldi, the head of the Bank of Italy, the head of the market and payment system oversight, and said that he wanted to find out more information about the project.

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“I’ve been reading more than 200 pages of notes, and it’s very strange for me to have a personal opinion on the 12 pages of the white paper,” Gammaldi said on Tuesday.

“The white paper), which means “white,” without any details.”

Facebook is linked with 28 partners, a Geneva-based entity called the ‘ Scale of Association, which shall be applicable to the new digital currency, is set to launch in the first half of the 2020s, according to the marketing materials, and interviews with managers.

Reporting by Brenna Hughes Neghaiwi; Written by Brenna Hughes Neghaiwi, Tom Wilson, and John Miller; Editing by Edmund Blair/Keith Weir

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