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Swiss President Claims Facebook’s Libra has Failed

Switzerland’s finance minister and outgoing president, Ueli Maurer thinks that Facebook’s Libra needs reworking to be approved.

Ever since Facebook announced its libra project, it has received several criticisms from regulators and policymakers across the world. However, Switzerland was one country that favoured Facebook’s effort of launching stablecoin, Libra but it looks like the country is now realizing facebook needs reworking.

Libra Needs Reworking To Be Approved – Switzerland

Switzerland’s finance minister and outgoing president, Ueli Maurer thinks that Facebook’s Libra needs reworking to be approved. He went on to say that;

“I don’t think (Libra has a chance in its current form), because central banks will not accept the basket of currencies underpinning it,” said Ueli Maurer, “The project, in this form, has thus failed”. 

While Facebook has set 2020 as a planned year to launch the most anticipated Libra project, Libra’s Calibra wallet CEO David Marcus had mentioned that the launch may be delayed due to regulatory hurdles. Other dark incidents revolve around Facebook’s Libra was the withdrawal application of major companies like Paypal, Mastercard, eBay and Visa from the Libra Association. The Association members had a charter meeting in Geneva in October this year despite some of the top players pulling out.

Facebook seeks to change the global financial landscape by launching Libra, a stablecoin backed by baskets of reserve currencies. However, as per Maurer who spoke in an interview with Swiss broadcaster SRF on Dec. 27, Libra didn’t have a central bank backing henceforth didn’t stand to become a successful digital currency. He further provided reasoning to his view, saying “Because the basket of currencies that are deposited in this currency is not accepted by the national (central) banks”. However, he went on to add “The project in this form has actually failed”.

In an earlier report, Reuters mentioned that the Patrick Ellis, Libra Association board member claimed the Libra project lacks a clear strategy. He further stated that the project “at this stage has no strategy set in stone for the markets or the product, or how it will actually get rolled out”.

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