Swiss say Facebook's digital currency plan will face hurdles

Facebook and its partners have asked financial authorities in Switzerland to evaluate their plan to create a new digital currency to be called Libra

GENEVA -- Facebook and its partners have asked financial authorities in Switzerland to evaluate their plan to create a new digital currency to be called Libra.

The Swiss Financial Market Supervisory Authority said Wednesday the Libra Association has requested an "assessment" of its plan.

The authority, known as FINMA, says the proposal has to meet anti-money laundering requirements and other strict standards. That includes obtaining a "payment-system license" that makes the association responsible for bearing "the returns and risks associated with the management of the reserve."