The project to launch the Libra cryptocurrency, which is being implemented by Facebook together with partners, will fail in its current form. This was stated by Swiss President Ueli Maurer (Ueli Maurer) in an interview with local journalists, adding that the project needs to be finalized so that the launch of Libra is ultimately approved by European regulators.
βI don't think the Libra project has a chance of success in its current form because central banks won't accept the basket of currencies that underlies it. Thus, the project in this form will fail,β Mr. Maurer said during an interview.
The project to launch a digital currency, which was organized by Facebook, is causing concern among regulators and politicians in different countries. There is an active discussion on a number of issues, ranging from privacy to the potential ability of cryptocurrency to influence credit policy and the global financial landscape.
Officials leading the Libra project, including Facebook co-founder David Marcus, said that due to regulatory hurdles, the launch of the digital currency could be postponed. It was originally planned that the Libra cryptocurrency would be launched next summer.
The new digital currency should be backed by a reserve of monetary assets such as bank deposits and government debt. This structure is intended to increase the level of trust and prevent significant fluctuations in the value of the cryptocurrency. To solve these and other problems associated with the Libra cryptocurrency, an association of the same name was created, which included Facebook and its international partners.
Source: 3dnews.ru