Libra, a cryptocurrency project championed by Facebook, has failed in its current form, according to the President of Switzerland.
As Libra is seeking approval in Switzerland, the comment from Swiss President and Finance Minister Ueli Maurer suggests that Facebook and other stakeholders will have to rework the project if they want it to be approved in the country.
In an interview with Swiss broadcaster SRF, Maurer stated that Libra does not have a chance of being successful "because the basket of currencies that is deposited in this currency is not accepted by the national (central) banks," theblockcrypto.com reported on Friday.
"The project in this form has actually failed," Maurer was quoted as saying.
The Libra project which is still in development published a second roadmap last week, outlining plans for the launch of its first version in 2020.
In October, companies like Paypal, Visa, Mastercard and eBay pulled out of the Libra cryptocurrency project to apparently avoid the US regulators who are scrutinising Facebook and its subsidiaries.
But despite some top-notch firms pulling out, Facebook and 20 partner organisations formally joined the digital currency Libra project during a meeting in Geneva in October.
The organisations signed the charter for the Libra Association, which also formed a council tasked with governance of the group, reported CNET.
The Libra Association said that more than 1,500 entities have expressed interest in joining the digital currency project.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.