is this because of libra ?

[CryptoBry]

The Federal Council states that, while the mountainous Central European country is generally seen as very crypto-friendly and “open to innovative approaches in the financial market,” it remains committed to addressing the risks related to stablecoins and cryptocurrencies...

Is this because of Libra?

I would opine that Libra has been a big concern for many countries including those which are regarded as very friendly and open to innovations of Bitcoin and cryptocurrency. However, in fairness, we should not lay all the blames to Libra as there are many stablecoins operating in the market right now and there are always related concerns when we talk about cryptocurrencies. As a disruption force to banking, finance and economy, it is the duty of any country to always monitor things happening and developments that can possibly affect the pillars of one's economy  so they can react and manage things effectively and timely.

We know that Libra Association had chosen to be headquartered in Geneva, Switzerland but this does not mean that the Swiss government will be complacent in its monitoring and watchman job. The government is always looking at things including the Libra project. This interview with Mark Branson the director of the Financial Market Authority (FINMA) can give us some glimpse on how the country is looking at Libra and the possible risks (as well as opportunities) that it is posing to its economy and other traditional systems. 

[gaston castano]

yeah i guess so because libra is not an unknown coin, i mean he was backed up by facebook one of the social media giants facebook, and also libra has formed many collaborations with others.
of course it is a threat to fiat, because the libra that comes out later is stable coins with the same value as USD.
if the arrival of libra later exceeds people's enthusiasm for crypto, the government has prepared efforts to carry out these regulations, whether it will cause conflict or not, we'll see.

[Questat]

Possibly and I think they are seeing that stable coin involves big money also, so if they will restrict Libra from operating, that's being unfair since Libra is classified as a stable coin. Either they are planning on banning stable coin which is good for crypto since it's really the purpose of crypto to be volatile with fix supply and decentralized, I don't know but one thing  in my mind now that tells me Libra will soon be in the market as they cannot ban all stable coins therefore allowing Libra but with strict regulation on general stable coins market.

Yes, sooner or later, Libra will gonna be in the market. We are only waiting for the time to hit them in the market. I don't think Zuckerberg will give up that easily. If other companies can create their own stable coin, why not him? He has all the resources that he can use to make this happen. The government is too strict with him because of his status in the industry.

We will eventually knew it by next year because it was scheduled to be launch in 2020.
if this launch will be successful, it might help to boost the market as next year also is a schedule of bitcoin halving which we usually see some significant increase based on the past trends.

[zeze18]

It's not about Libra, Libra maybe affected on this news but they really intend to look and regulate cryptocurrencies and stablecoins as well blockchains, since hey see possible ways that scammers and their government will be affected by this event if ever happens. More governments are planning to do this to monitor atleast stable coins that are backed or operated by an institution or organizations.

The government must be not accepting cryptocurrency because if cryptocurrency growing so fast the banks will be bankrupt i'm sure because no one will deposit their money to banks.
So, if any large company want to develop cryptocurrency the government will prevent them. This is my analysis

[Godstrength]

The reason is just not Libra but it's all because of the scam projects happening for over several years now in the crypto space. All that happened already tarnished our image and the government/SEC already placed a bulls-eye on top of our heads, especially the big projects like Libra. And we as a community can't be blamed to somehow trust them, John mcafee endorsed a scam project last year and the team is already facing court charges because of what happened.

We need to do our due diligence of researching the project and not get driven by pure emotions because of news/sentiments going on. Especially if you're already in the space for so very long.

[Murat]

There is no specification and indication which is then responsible to this, whatever the case is this initiative would bring a good result to this platform, It could be the reason or Libra coin, or maybe not, I think with this type of step makes the investors comfortable and safe because of the stable coin attraction, of course it's a good thing for both investors and entrepreneurs, if there will be a set of proper regulation then people will come to this platform easily because scam and fake project will not be allowed and the sustainable development of this platform will be ensured, I this is very useful to this platform for the future purpose. I also hope that Libra will bring a lot of positive impact in the future.

[darewaller]

Cryptocurrency has been existing for a very long time now, and now becoming much more popular, and as it is growing in popularity, the governments are meant to come up with any decision concerning it at any time, so this decision may actually not be because of Libra coin exactly, it could have been for so many reason.

There are so many stable coins, and Facebook has never revealed if their coin will be a stable coin, we have been the one exaggerating that Facebook coin will be in form of a stable coin, there was a point where Facebook also made a claim that their coin will operate same way as bitcoin and be able to yield profit for those that invested in it, so this decision may and may not be because of Libra but because of the general blockchain technology.

[kravas86]

No one would make such a big statement. I think it's all thanks to Libra and facebook. Mark Zuckerberg is a genius. It has created a huge buzz around its cryptocurrency. Also helped institutional investors on the similarity of PayPal, Visa and so on. If it weren't for such big names, the regulators would continue to hibernate. I believe that this is very good and there is a great cryptocurrency future ahead of us. And Yes Libra has every chance to become the largest stablecoin!

[liuqi]

It is actually good for all the cryptocurrency enthusiastic people because there are many here saying centralised marketplace is the best option to make the safety investment.
But the truth is not like that. Decentralized market is the actual power every laymen gets.
That's why even government cannot shake the value or market of decentralised cryptos.

[Perfect35]

A lot of odds happening against Libra. Since it is coming at the time that Libra is about to be launched, then it might be against it. Although, this will also serve as blockage for other forms of stable coin that might want to launch in future.

[magneto]

Probably not in particular.

However, Libra has had a long record of being prosecuted by governments and regulatory agencies worldwide. It's not really surprising that new legislation is still popping up that is essentially targeting the existence of Libra.

I don't really see how a centralised project like Libra can survive without government endorsement. Especially when they see it as a threat to current frameworks.

[cahbagus555]

Probably not in particular.

However, Libra has had a long record of being prosecuted by governments and regulatory agencies worldwide. It's not really surprising that new legislation is still popping up that is essentially targeting the existence of Libra.

I don't really see how a centralised project like Libra can survive without government endorsement. Especially when they see it as a threat to current frameworks.

Without the support of the government, Libra coin is still constrained by regulations in several countries. If you get approval from financial and government authorities, I think the potential of Libra coin is very large because it is supported by the large number of Facebook members worldwide.

[Bitfling]

A lot of odds happening against Libra. Since it is coming at the time that Libra is about to be launched, then it might be against it. Although, this will also serve as blockage for other forms of stable coin that might want to launch in future.

Maybe because with the existence of Libra Coin can disrupt the dominance of the dollar in the world. Facebook has members spread all over the world while many transactions are currently dominated by online transactions, so the government will definitely try to block it.

[aioc]

Swiss Federal Council Continues to Monitor Stablecoins and Blockchain
The Federal Council states that, while the mountainous Central European country is generally seen as very crypto-friendly and “open to innovative approaches in the financial market,” it remains committed to addressing the risks related to stablecoins and cryptocurrencies, saying:

“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.”

https://cointelegraph.com/news/swiss-federal-council-continues-to-monitor-stablecoins-and-blockchain

is this because of libra ?

They should do this a long time ago not because Libra is coming to the picture, and they should have an announcement like this years back but it's not yet late, now people are connecting it to Libra coin, because of the impact that is going to create in the ecosystem, I think other regions will follow this lead.

[Wintersoldier]

I think its just a reminder, stablecoins are been around for years. Maybe due to the growing numbers of companies offering stablecoins made regulators keep an eye on them because it can also be use to attract and deceit investors. Its good for the ecosystem, we need a government approach lik this to protect us.

they are talking in a holistic point, not directly because of libra coin. Stable coins is a potential market convertion for a nations fiat, as the economy will still be controlled in order to prevent market malfunction. At this time, it isn't necessary for us to fear about this. Everyone thinks of innovation and I think the people at higher consitition is now doing their best to achieve fiats digitization which is remarkable the best for us in cryptospace.

[Google+]

I think Libra platform just wants to try to get the trust of many investors so that such statements appear, hopefully investors can return to cryptocurrency again and can make the price conditions recover and libra can be used by many platforms.

[NathanJB]

Swiss Federal Council Continues to Monitor Stablecoins and Blockchain
The Federal Council states that, while the mountainous Central European country is generally seen as very crypto-friendly and “open to innovative approaches in the financial market,” it remains committed to addressing the risks related to stablecoins and cryptocurrencies, saying:

“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.”

https://cointelegraph.com/news/swiss-federal-council-continues-to-monitor-stablecoins-and-blockchain

is this because of libra ?

Most probably yes. They are crypto friendly to the extent that Bitcoin is already there and cannot be moved out of its place because it has already rooted very deeply. They do not have much choice but to extend a friendly hand. However, to the stablecoin that is to be launched by libra they cannot just sit down and see what happens to their old fiat money. Libra is not like the rest of the stablecoins that seem to be operating without a threat. Libra is going to suck commercial transactions from their old system into its new system. They cannot accept that.

[huu78]

In my opinion so, of course, Libra is a threat to Fiat, because Libra is a stable coin like fiat.
Libra also has enthusiastic many crypto people because it is supported by Facebook one of the largest social media.
There must be such a positive and negative impact, just look at it later.

[Leyss]

Such a statement by the Swiss Federal Council is typical of all states and is unlikely to be related to the possible release of Libra coins or the existence of other stable coins. In any case, all states will coordinate their actions in the field of cryptocurrency use and at the same time, uniform rules for their legalization and circulation will be used in general. Such a statement is simply a confirmation of the general course towards international cooperation in the field of cryptocurrency application.

[pgbit]

The introduction of Libra definitely helped many governments worldwide to wake up to the fact that Cryptocurrencies exist and it's getting real and better with each passing day, the hype surrounding Libra has opened the door for the good ones f Cryptocurrencies in general and even though there are major obstacles that Libra faces, good things came out of it afterall like the incident in China.