Facebook privacy

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.

The privacy smokescreen

Illustration of ripped out paper that reveals 0’s and 1’s.
Illustration: Eniola Odetunde/Axios

Tech companies appear to be bowing to new privacy rules springing up in Europe, California and elsewhere, putting in place processes to show they're complying.

Yes, but: Some of these moves are smokescreens that allow the companies to avoid making big, painful changes, some legal experts argue — enabled by a legal system that offloads enforcement onto the very companies being regulated.