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Bitcoin Falls as Swiss Watchdog Still Waits for Details on Facebook’s Libra

Published 07/24/2019, 05:27 AM
Updated 07/24/2019, 05:29 AM
© Reuters.

Investing.com - Bitcoin fell on Wednesday to an almost one-week low as regulators continued to express concerns about Facebook’s Libra cryptocurrency project.

Neither the social media giant or its association set up to oversee Libra have responded to requests for information made by Switzerland's data privacy watchdog on July 17, Reuters reported.

The Swiss Federal Data Protection and Information Commissioner (FDPIC) says it wants more details to help it understand its role over the digital currency. Facebook (NASDAQ:FB) has said that it expects the FDPIC to regulate Libra. The nonprofit it set up to oversee the currency is based in Geneva.

"The FDPIC stated in its letter that as it had not received any indication on what personal data may be processed, the Libra Association should inform it of the current status of the project so that the FDPIC could assess the extent to which its advisory competences and supervisory powers would apply," the watchdog said.

"The FDPIC is currently waiting for the Libra Association to respond to (its) letter of 17 July 2019 and set out their official position."

Facebook’s Libra is a stablecoin, a digital currency that is pegged to a government-backed currency and has been criticized by regulators and analysts around the world for concerns over privacy and security.

Bitcoin slumped 2.1% to a one-week low of $9,761.80 as of 5:25 AM ET (9:25 GMT) on the Investing.com Index. Other digital coins were also lower, with Ethereum down 1.5% to $207.25 and XRP falling 1% to $0.30874 while Litecoin slipped 0.5% to $90.290.

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