Ueli Maurer, the President of Switzerland, said that Libra in its current form has no chance of getting clearance from regulators around the world. Libra is scheduled to be launch sometime next year, but with all the regulatory hurdles, it seems quite unlikely.
Libra needs reworking to get regulatory approval.
President Ueli Maurer said that Libra is in its current can not be allowed by central, and it needs reworking in order to get approved by the authorities. Facebook’s cryptocurrency is a stablecoin that will be backed by a basket of currencies to keep its price stable, but the President thinks this is flawed, and central banks will not accept it.
Facebook will not go ahead until they get regulatory approval.
Facebook has been spending a lot of money on lobbying for the cryptocurrency, but regulators are still not on board with the cryptocurrency project. Calibra head David Marcus and Facebook CEO Mark Zuckerberg have repeatedly said that they will not go ahead with the project unless regulators give them clearance. Mark Zuckerberg went on to say that if Libra Association decides to ahead with the project, they will leave the crypto project. Earlier, several major organizations pulled out of the Association amid regulatory scrutiny.