Facebook’s cryptocurrency project Libra is seeking payment system license from Switzerland’s financial regulator. The Libra Association announced on Wednesday that the license under the Swiss Financial Market Supervisory Authority (FINMA) can “empower billions of people”.  

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Libra’s head of policy and communications, Dante Disparte says, “We are engaging in constructive dialogue with FINMA and are encouraged to see a feasible pathway for an open-source blockchain network to become a regulated, low-friction, high-security payment system. This is an important step in Libra’s evolution, and we look forward to continuing our engagement with all stakeholders over the coming months.”