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Swiss president says Facebook's digital currency Libra has failed - Business Insider

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Facebook's digital currency Libra 'has failed' and can't work in its current form, says Switzerland's finance minister

Libra, the Facebook-led digital currency, is in trouble according to Switzerland's president and finance minister Ueli Maurer.

Libra's current form is intended to be backed by a reserve of assets such as bank deposits and government debt, held by a network of custodians, so that it would avoid the price swings that make other cryptocurrencies so volatile. "I don't think , because central banks will not accept the basket of currencies underpinning it," Ueli Maurer, who is Switzerland's finance minister and outgoing president, told Swiss broadcaster SRF.Libra did not immediately respond to a request for comment.

 

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Says the guy who’s country’s only product/service is being a tax haven and hiding peoples money.

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