Swiss President: Libra in its current form is doomed to failure

According to Swiss President Ueli Maurer, Facebook's Libra stablecoin in its current form has noprospects.

In an interview with Swiss public radioSRF Maurer said Libra has no chance of success because “the basket of currencies at its core is not accepted by national central banks." 

Four are supposed to provide Librafiat assets: US dollar, euro, Japanese yen and British pound. A stable Facebook coin should be backed by assets and prevent high price volatility. However, the President of Switzerland believes that these currencies must be replaced in order to obtain regulatory approval.

The scandalous project is still at the stagedevelopment. Last week, Libra published its second network roadmap, however, according to Calibra project leaders, the release of the stablecoin could take decades.

In October, several prominent Libra supportersincluding Visa, Mastercard, PayPal, withdrew from the Association. Mark Zuckerberg testified before a committee of the US House of Representatives, where he stressed that Facebook will leave the Libra Association if the project does not receive full approval from US regulators.