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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.
- The Libra Association is designed to run the cryptocurrency by committee with a group of partners, and Facebook only has one vote, writes Axios' Felix Salmon.
- The once-long list of partners in the Libra Association has plummeted after an avalanche of criticism and scrutiny from regulators worldwide.
- David Marcus, who heads the project, has acknowledged that regulatory pushback could mean that it was "going to get harder before it gets easier" for Libra.
Go deeper: Central banks could be left behind on digital currencies