RATE Group | Swiss president says Facebook’s cryptocurrency project, Libra, failed
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Swiss president says Facebook’s cryptocurrency project, Libra, failed

27 Dec Swiss president says Facebook’s cryptocurrency project, Libra, failed

Posted at 21:44h in Cryptocurrency News by

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Facebook co-founder and CEO Mark Zuckerberg testifies before the House Financial Services Committee in the Rayburn House Office Building on Capitol Hill October 23, 2019 in Washington, DC. Zuckerberg testified about Facebook’s proposed cryptocurrency Libra, how his company will handle false and misleading information by political leaders during the 2020 campaign and how it handles its users’ data and privacy.

Chip Somodevilla | Getty Images News | Getty Images

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…

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