Maurer said central banks will likely reject Libra due to the “basket of currencies underpinning it” and has described the project as a failure. The Libra Association, which is based in Geneva, will govern the project, but concerns about privacy and its influence over global monetary policy have hindered its acceptance by politicians and regulators.
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Switzerland's Ueli Maurer: At Present, Libra Won’t Be Accepted and Has Failed
Ueli Maurer, Switzerland’s minister of finance and outgoing president, said Facebook’s Libra project will need to be reworked if it is to gain regulatory approval. So reports CNBC.
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