Swiss President: Facebook’s digital currency has failed in its current form and needs reforms
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Answer Swiss President: Facebook’s digital currency has failed in its current form and needs reforms
Swiss President Ueli Maurer has stated that Facebook’s Libra project has failed in its current form and the company must amend it until it is approved.
He stated this in an interview with Swiss radio, and added that the Facebook digital currency project does not have chances of success because central banks will not accept the so-called “basket of deposited currencies” in which the price of Facebook’s digital currency is calculated.
Despite this statement, the Facebook digital currency project is still in the development stage and the Libra team has published a new roadmap and the news was covered on the Arab Bitcoin website under the title:
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Announcing the roadmap for the “Libra” coin and revealing the main areas of the development process
The Facebook digital currency project faced many challenges during the current year after it raised the concerns of many regulators and politicians from around the world regarding the privacy of users and its impact on monetary policies.
It is worth noting that a number of major companies withdrew from the project, such as “Visa”, “MasterCard” and PayPal” earlier, after fears spread in political circles.
Facebook founder Mark Zuckerberg testified before a US House of Representatives committee to answer lawmakers’ concerns about the digital currency project.
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Zuckerberg said that Facebook would abandon the Libra digital currency project if the project did not receive full approval from US regulators.
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