Facebook's controversial Libra cryptocurrency has 'failed', Swiss president says
UeliMaurer, who also serves as Switzerlands finance minister, said that Facebooks Libra would not be accepted by central banks and therefore not work as a currency.
The technology giant unveiled Libra earlier this year and plans to launch it at some point in 2020, however it has faced significant criticism from financial regulators and privacy advocates.
Libra shares some characteristics with bitcoin, such as recording transactions through an online ledger known as a blockchain, but it relies upon a more centralised infrastructure that has the support of major businesses.
It also is backed by a range of assets held in a variety of currencies, in order to prevent it from suffering the same price volatility as bitcoin.
Facebook says Libra, which is set to be issued and governed by the Geneva-based Libra Association, will be supported across its suite of apps includingInstagram and WhatsApp while also serving the 1.7 billion people in the world who do not have access to traditional financial services.
With more than 2 billion users of Facebook apps around the world, Libra could potentially rival established currencies like the US dollar and destabilise the current financial system, which has led to significant pushback in both the US and Europe.
A spokesperson for the Libra project did not respond to a request for comment fromThe Independentbut Mr Marcus has previously stated that the reason for announcing Libra so far ahead of its launch was in order to address concerns.
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