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Libra Doesn't Have a Chance: Swiss President Ueli Maurer

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Fri, 12/27/2019 - 19:42
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Alex Dovbnya
Ueli Maurer, the leader of the one of the crypto-friendliest countries, thinks that Facebook's Libra has no chance to succeed in its current form
Libra Doesn't Have a Chance: Swiss President Ueli Maurer
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Facebook's Libra project continues to face scathing criticism more than six months after its announcement that happened on June 18

Swiss President Ueli Maurer recently shared his take on the most controversial cryptocurrency of 2019, claiming that it had no chance in its current form, Reuters reports.

“I don’t think (Libra has a chance in its current form), because central banks will not accept the basket of currencies underpinning it,” Ueli Maurer told Switzerland-based broadcaster SRF. 

He added that that the Facebook-led crypto effort had already failed in its current form.

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Libra Was a "Neat Idea" That Will Never Happen: JPMorgan CEO Jamie Dimon

Maurer's comments come after many members of the Geneva-based Libra Association, including Visa and Paypal, jumped ship back in October. Both Facebook CEO Mark Zuckerberg and Calibra head David Marcus were grilled by US Congress over the Libra coin.    

However, the social media juggernaut doesn't plan to abandon the project despite immense pressure from politicians and regulators from around the globe.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.