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Facebook’s Libra has failed, says Switzerland’s president

Summary:
Facebook’s plan to launch its digital currency Libra is unlikely to succeed Ueli Maurer, Switzerland’s president, told SRF. © Engdao Wichitpunya | Dreamstime.comMaurer doesn’t think central banks will accept the basket of currencies underpinning the cryptocurrency. “The project, in this form, has thus failed” he said. Plans for the digital currency, which is to be issued and governed by the Geneva-based Libra Association and requires Swiss regulatory approval, have raised concerns among regulators and politicians related to privacy and its potential to influence monetary policy, according to Reuters. To reduce the risks associated with digital currencies, Libra is to be backed by assets such as bank deposits and government bonds. Reuters also reported that officials running

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Facebook’s plan to launch its digital currency Libra is unlikely to succeed Ueli Maurer, Switzerland’s president, told SRF.

© Engdao Wichitpunya | Dreamstime.com

Maurer doesn’t think central banks will accept the basket of currencies underpinning the cryptocurrency. “The project, in this form, has thus failed” he said.

Plans for the digital currency, which is to be issued and governed by the Geneva-based Libra Association and requires Swiss regulatory approval, have raised concerns among regulators and politicians related to privacy and its potential to influence monetary policy, according to Reuters.

To reduce the risks associated with digital currencies, Libra is to be backed by assets such as bank deposits and government bonds.

Reuters also reported that officials running the project, including co-creator David Marcus of Facebook, have said regulatory hurdles could see the launch delayed beyond the planned June date.

More on this:

SRF interview (in German)

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