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

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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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About Le News
Le News
The newspaper Le News is a free, quality, local English language newspaper launched on 31 October 2013. Le News fills a gap in local Swiss media for the numerous English-speakers living and visiting Switzerland. In late January 2015 we decided to put our print medium on hold and focus on our digital media presence.
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