Facebook’s Libra cryptocurrency has failed, says Switzerland’s president

Libra, a cryptocurrency project championed 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 if they want it to be approved in the country.

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 national (central) banks,” theblockcrypto.com reported on Friday.

“The project in this form has actually failed,” Maurer was quoted as saying.