The President of the Swiss Confederation, Ueli Maurer, has said that the current iteration of Facebook’s digital currency libra has “failed.”

Speaking in an interview with Swiss broadcaster SRF on Dec. 27, Maurer claimed that Libra did not stand a chance at becoming a successful digital currency given its lack of central bank backing, 

He said, 

Because the basket of currencies that is deposited in this currency is not accepted by the national [central] banks.

Maurer added, 

The project in this form has actually failed.

While Libra is still slated for a 2020 launch according to the most recent roadmap, the path for the digital currency’s release is becoming more obscure. As previously reported, Libra Association board member Patrick Ellis told Reuters earlier in the month that the project lacks a clear strategy. 

He added that “at this stage, there is no strategy set in stone for the markets or the product, or how it will actually get rolled out.”

In October, Facebook CEO Mark Zuckerberg told Congress that his company would abandon the digital currency if the Libra Association failed to get approval from US regulators. 

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