This archive report was first published on 28 December 2019.
December 28, 2019 - Swiss Confederation President Ueli Maurer has expressed concerns that Facebook's proposed digital currency, Libra, will not be accepted by central banks in its current form.
Libra, a high-profile project of social network giant Facebook, was tentatively scheduled for a 2020 launch but has faced months of severe criticism from influential financial authorities.
Ueli Maurer, who is in his final days in the rotating presidency of the Swiss Confederation, told SRF that central banks will not accept the basket of currencies that Libra is supposed to be based on.
Libra is designed to be managed by a Geneva-based independent association linking several companies and non-profit groups, but several major companies, including PayPal and Visa, have withdrawn from the project amid growing pressure from regulators.
Regulators have cited concerns about the potential for illicit uses of the currency and the battered reputation of Facebook in matters of privacy and data protection.
French Economy Minister Bruno Le Maire has also expressed concerns, saying, "Libra is not welcome on European soil."
US Federal Reserve official Lael Brainard has also expressed American reservations, stating that stablecoin networks at global scale may put consumers at risk.
