Dec 27, 2019 - Technology

Swiss president says Facebook's Libra has "failed" in its current form

Mark Zuckerberg

Facebook CEO Mark Zuckerberg testifies before the House Financial Services Committee in October about Libra. Photo: Chip Somodevilla/Getty Images

Outgoing Swiss President Ueli Maurer, who is also the country's finance minister, said Friday that Facebook's cryptocurrency Libra has "failed" in its current form "because central banks will not accept the basket of currencies underpinning it," CNBC reports.

Why it matters: The project is seeking regulatory backing in the country, as it will be issued and governed by the Geneva-based Libra Association.

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