Facebook’s ‘failed’ Libra cryptocurrency is no closer to release

Facebook Inc.’s Libra cryptocurrency starts 2020 looking no closer to release, with authorities in its base in Switzerland raising fresh questions about its suitability as a global currency.

Libra cryptocurrency

Swiss finance minister Ueli Maurer said on Dec. 27 in Bern that the country can’t approve Libra in its current form, telegraphing to Facebook that the product it wants to launch in Geneva isn’t going get a green light from regulators anytime soon.

Maurer went further in an interview with Swiss broadcaster SRF that same day, saying the project “has failed” in its current form because the basket of currencies Libra proposed to back the digital currency haven’t been accepted by the issuing national banks.

247news.africa

Facebook’s ‘failed’ Libra cryptocurrency is no closer to release
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