Facebook’s Libra won’t be approved because central banks won’t accept the basket of currencies behind it, according to Switzerland’s President.
“The project, in this form, has thus failed,” Swiss finance minister and outgoing president Ueli Maurer summed up.
Earlier this month, Libra updated its white paper removing dividends payable to those investors, aside from eliminating a potential conflict of interest. The change is thought to be introduced to avoid the asset being classified as a security.
The updates were made after United States lawmakers proposed a bill defining stablecoins as securities.On the other hand, Facebook consider its stablecoin as commodity.