Facebook’s digital currency Libra ‘has failed’ and can’t work in its current form, says Switzerland’s finance minister.
Facebook’s Libra project has failed in its current form and needs reworking to be approved, said the president of Switzerland where the cryptocurrency is seeking regulatory consent.
“I don’t think (Libra has a chance in its current form), because central banks will not accept the basket of currencies underpinning it,” Ueli Maurer, who is Switzerland’s finance minister and outgoing president, told Swiss broadcaster SRF.
“The project, in this form, has thus failed,” he added in an interview.
Libra did not immediately respond to a request for comment.
Plans for the Facebook-led digital currency, which is to be issued and governed by the Geneva-based Libra Association, have raised concerns among regulators and politicians ranging from privacy to its potential to influence monetary policy and change the global financial landscape.