Facebook's Libra has failed in current form: Swiss president

Libra, a cryptocurrency project promoted by Facebook, has failed in its current form, according to the President of Switzerland. As Libra is seeking approval in Switzerland, the comment from Swiss President and Finance Minister Ueli Maurer suggests that Facebook and other stakeholders will have to rework the project.

In an interview with Swiss broadcaster SRF, Maurer stated that Libra does not have a chance of being successful "because the basket of currencies that is deposited in this currency is not accepted by the central banks," theblockcrypto.com reported.