Libra, stablecoin created by Facebook, has failed in its current form and needs a change. The statement came from current Swiss President Ueli Maurer during an interview with Swiss broadcaster SRF on Friday, December 27.
During his speech, Maurer declared that the Pound has no chance of succeeding "because the basket of coins provided by this currency is not accepted by national (central) banks."
"The project, in its current format, really failed," Maurer added.
As it stands, the Libra project is still under development and does not have an active network: the final launch forecast for Libra is for 2020. Last week, the Libra Association published a second roadmap describing plans for the launch of Your main network. .
In October, several prominent cryptocurrency supporters, including Visa, Mastercard, PayPal, withdrew from the Libra Association. A few weeks later, Facebook founder and CEO Mark Zuckerberg testified before a committee of the United States House to address the concerns of lawmakers about the Pound.
At the hearing, Zuckerberg said Facebook would leave the Libra Association if the bill did not get full approval from US regulators.