Facebook’s Libra has failed in its current form; Swiss president

Facebook’s Libra has failed in its current form; Swiss president

Facebook’s cryptocurrency project, the Libra has failed in its current form and would need revisions in order for it to be approved, according to Switzerland’s president and finance minister Ueli Maurer. Switzerland is currently where Libra is seeking regulatory consent.

“I don’t think (Libra, in its current form) has a chance, because central banks will not accept the basket of currencies underpinning it,” Maurer told Swiss broadcaster SRF in an interview “The project, in this form, has thus failed.” He added.

Libra has yet to respond officially to the comment.

The social media giant’s plans for Libra have raised concerns among regulators and politicians worldwide including privacy and its potential to influence monetary policies and the global financial landscape.

Facebook’s co-creator David Marcus as well as several officials running the project has said that regulatory hurdles could delay the launch beyond its planned date in June next year.