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It's based in Switzerland. So maybe yes?
by buboard 7y ago
It's based in Switzerland. So maybe yes?
- VMG 7y agoSo is Libra following Swiss law? Does US law not apply to Libra? Can Facebook still be associated with it then?
- buboard 7y agoreading the whitepaper , it seems everything will be managed by the swiss company. facebook is just one of the partners. [As another user mentioned, the company that makes the wallet is US based and will enforce sanctions. But maybe that means that another of the partners can make a wallet to use in sanctioned countries?]
- jrvxo 7y agoIf it's based in Switzerland why would US law apply to it?
- ceejayoz 7y agoBecause as some have found out, US law kinda applies everywhere. https://en.wikipedia.org/wiki/Raoul_Weil https://en.wikipedia.org/wiki/Raoul_Weil
- mtgx 7y agoThe better question is "Why does Facebook think that being based in Switzerland will protect them? It's been a while since Swiss banks were last immune to U.S. government pressure. Or even pressure from other countries. I can't bother to find the links now, but there were a couple of stories during Obama's time, about the US government arresting people based on their financial transactions in Switzerland.
- delfinom 7y agoBecause the US can go after every single American company that's part of the association that runs it.