President of the Swiss Confederation, referred to Libra as a failure
The Federal President had said that the Facebook-run Libra project fails, this has to create with his Stablecoin is a global currency. The currency of the balance is formed from a basket of Fiat currencies, including the US Dollar, the Chinese Renminbi and the British pound.
I don’t think the Libra has in its current Form is a Chance, because the Central banks will not accept the currency basket that defines you.
said the Swiss Finance Minister and President Ueli Maurer to the Swiss radio SRF. In an Interview, Mason said: “the project has failed in this Form”.
Mauers designs met especially close to home, since Libra has its headquarters in Switzerland. In addition, the Libra community, announced in September, to apply for a job with the Swiss financial market Supervisory authority (FINMA) for approval as a payments system, and the FINMA further guidance about the further procedure asked. Maurer is the youngest European Minister of Finance of the project in question.
Before reporters, Germany’s Finance Minister Otto Schulz said at the Meeting of the IMF and the world Bank in Washington in October that he was “very skeptical” towards Libra, and he was “not for the successful creation of such a world currency, because this is the responsibility of the democratic States”. France’s Finance Minister Bruno Le Maire reiterated in September its concerns against Libra, which threatens, in his opinion, the “monetary sovereignty” of the Central banks to undermine.
Internal disputes within the Libra Association, also have some of their senior members, such as Paypal, Visa, eBay, and Mastercard, compelled to leave the project. Libra according to Ripple CEO is a fundamental problem of Trust, since it is directly related to the Tech-giant Facebook together. Facebook was involved in the past in a number of data scandals that were never properly investigated and elucidated.
Until today, many of these data were hushed gaps. Trust is, however, particularly in the financial sector is very important. Only if people trust in the world the payment system, you will use it. Although Facebook could reach in the world, more than 2 billion users, however the project is still far from the use removed be ready to go. Until the official launch of Libra has a major task ahead to gain the trust of potential users. It remains to be seen what further measures will use Facebook in the near future.
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