[size=36]The Swiss president attacks the "Facebook" digital currency[/size]
, the Swiss president said that the "Libra" project, which is being adopted by Facebook, has failed in its current form, and it must be modified in order for it to be approved.
"I don't think Libra has an opportunity in its current form, because central banks will not accept the basket of currencies that support it," said Olli Maurer, who is also Switzerland's finance minister as well as being its president, speaking to the Swiss Broadcasting Corporation.
"The project, in its current form, has failed," Maurer said in an interview, Reuters reported.
Facebook-led digital currency plans, to be issued and organized by the Geneva-based Libera Foundation, have raised concerns among regulators and politicians regarding aspects such as privacy and their potential impact on monetary policies and changing the global financial landscape.
Project managers, including one of Facebook's creators, David Marcus, say organizational hindrances may delay the launch beyond the planned June date.
The cryptocurrency will be backed by an asset reserve such as bank deposits and government debt held by a network of trustees.
This structure aims to enhance confidence and avoid price fluctuations experienced by other cryptocurrencies. End / 29 / s