Swiss President: Libra cryptocurrency is a failure in its current form

According to President of the Swiss Confederation, the project Libra of Facebook failed in its current form.

During an interview with the local TV channel SRF, Ueli Maurer, the current Swiss president, said that the model on which the social media giant’s digital coin is based – backed by a basket of fiat currencies – had not convinced central bankers.

“I don’t think so, because the basket of currencies backed by this currency was not accepted by the central banks,” he said when the reporter asked him if Libra had a chance of being launched.

Based in Geneva in Swiss, the non-profit foundation in charge of the project has come under criticism from regulators and politicians all around the planet, including in France.

“In fact, the project in this form has failed,” added the Swiss president.

Also, some members of the foundation, notably financial services companies like Visa, PayPal and MasterCard, left the initiative in order to maintain “cordial relations with regulators”.

However, the American multinational, which has been working on the project for more than 2 years, seems determined to launch Libra in 2020. It is open to modify the structure of the token, or even leave the consortium.