Swiss President: Facebook's Libra project will fail in its current form

Facebook's Libra digital currency project needs to be radically reworked, otherwise it will inevitably fail. ThisSwiss President Uli Maurer expressed an opinion, reports Reuters.

According to him, the composition of the underlying Fira basket of fiat currencies needs to be changed for regulators to approve the project.

“I don’t think Libra has a chance, because central banks will not agree with a basket of currencies at its core- said Maurer. -In its current form, the project is a failure."

This summer, the announcement of the launch of Libra andThe whitepaper of Facebook's digital currency has been published. It is assumed that the project will be based on the Libra Network blockchain developed by the Swiss Foundation and a consortium led by the largest social network.

At the initial 2020 launch phase, Libra will be supported by assets denominated in four fiat currencies: the US dollar, the euro, the Japanese yen, and the British pound.

However, they refused to participate in the Libra Associationpayment companies PayPal, Mercado Pago, Visa, Stripe and Mastercard. The reason was the negative attitude of regulators to the project, which could affect their core business.

In addition, Facebook head Mark Zuckerberg said that the launch of Libra will not take place without the approval of regulators, and if this does happen, the company will leave the Libra Association.

Recall, the Libra Association recently published its second Libra Core software development roadmap.