Ueli Maurer, Switzerland’s President, said Facebook’s cryptocurrency Libra has failed in its current form and should be amended before sending to regulators for approval, according to Reuters.
“I think Libra does not have a chance in its current form as the central banks will not accept the basket of currencies supporting it,” said Maurer.
The cryptocurrency plan issued by Geneva’s Libra Association raised worries among regulators as regards its potential impact on the global monetary policies and financial sector.
Libra co-creator David Marcus said, “The potential regulatory issues could postpone the planned release date of June.”
Libra is planned to be supported by bank deposits and government debt, and held by a group of custodians.