The Swiss Federal Council will reportedly be carrying on their mission to provide close supervision for global stablecoin projects, regarding their potential challenges and chances.
Reported on October 16th, the Swiss Federal Council has recently been aware of the existing chances, as well as hardships within the field of stablecoin, and Switzerland will keep on presiding over the advances of digital tech, nominally blockchain and distributed ledger technology (DLT).
The Federal Council revealed that, despite the crypto-friendly and “open to innovative approaches in the financial market” reputation EU-based nations have gained for themselves, it will uphold its commitment in tackling the risks brought upon by stablecoins and cryptocurrencies.
“The Federal Council is committed to ensuring that the currency and stability policy challenges, in particular, are addressed through international cooperation between governments, central banks and supervisory authorities, with private providers also included.”
The council further notified that, Facebook’s Libra project, which will be placed under close supervision of the Libra Association headquartered in Geneva, would experience less negative impact from volatility, thanks to the support from numerous stable fiat currencies.