Facebook unveiled a proposal in June to create a global use digital currency similar to Bitcoin. The company said it would establish a non-profit association based in Geneva with its partners to oversee the Pound, which would be subject to control by the Swiss competent authority.
The Swiss Financial Market Supervisory Authority (known as FINMA) said Wednesday that the Pound Association has requested that they "evaluate" their plan.
FINMA said the proposal must meet the requirements against money laundering and other strict regulations. These include obtaining a “payment system license” that holds the association responsible for “the benefits and risks associated with the administration of the reservation”.
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