Ueli Maurer: Facebook’s Libra in its current form has failed
Facebook’s Libra project has failed and needs to be adjusted to qualify for approval, Swiss President Ueli Maurer told Swiss broadcaster SRF. Facebook wants to establish the project in Geneva, Switzerland.
There is no response from Libra itself, but Facebook co-founder David Marcus said earlier that the planned launch date could be moved to a moment after June.
According to Maurer, who is also Finance Minister, central banks will not accept the basket of currencies that serve as the basis for Libra. “The project, in its current form, has therefore failed.”
Earlier European finance ministers agreed that private digital currencies such as Facebooks Libra should not be introduced into the EU. The risks should first become clearer. Previously, a few companies that supported the currency chose to leave.