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

Summary:
© Engdao Wichitpunya | Dreamstime.com Facebook’s plan to launch its digital currency Libra is unlikely to succeed Ueli Maurer, Switzerland’s president, told SRF. 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 ...

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

© Engdao Wichitpunya | Dreamstime.com

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

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.


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