Facebook’s Libra project has failed in its current form and needs reworking to be approved
After the announcement of the global stablecoin release of Libra, Facebook has repeatedly encountered unexpected things. And it seems that Libra will not be able to make a public debut until all regulatory violations are resolved, or the regulatory institutions are satisfied. At present, Facebook’s Libra project has failed in its current form and needs reworking to be approved.
Libra is seeking regulatory consent
Swiss president: Facebook’s Libra has failed in current form
Swiss President Ueli Maurer said Libra is seeking regulatory consent.
Share on this, Maurer said:
“I don’t think Libra has a chance if it continues to grow in the current form. Because central banks will not accept the currency basket as the basis for it. Therefore, the Libra project in this form has failed.”
Ueli Maurer, who is Switzerland’s finance minister and outgoing president
The President only left a statement as above and did not comment further. It is not clear what the Maurer form of Libra currently means. And why it doesn’t pass regulatory censorship.
Libra remained silent before everything
The plans for Facebook-led digital currency, released and run by the Geneva-based Libra Association, have alarmed regulators and politicians, from privacy to Its potential to impact monetary policy and change the global financial landscape.
Project executives, including Facebook co-founder David Marcus, have said legal barriers could see the launch delayed after the expected date in June.
Cryptocurrencies will be backed by an asset reserve such as bank deposits and government debt held by a network of supervisors. That structure is meant to boost trust and avoid price fluctuations that cause other cryptocurrencies.
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