Facebook’s Libra stablecoin has failed in its current form, according to Swiss president Ueli Maurer.
In an interview with Swiss broadcaster SRF, Maurer stated that Libra does not have a chance of being successful “because the basket of currencies that is deposited in this currency is not accepted by the national [central] banks.”
“The project in this form has actually failed,” Maurer added.
As it stands, the nascent project is still in development and is not yet a live, active network. Last week, Libra published a second roadmap outlining plans for its mainnet launch, currently slated for 2020.
In October, several prominent backers of Libra, including Visa, Mastercard, PayPal, withdrew from the Libra Association. A few weeks later, Facebook founder and CEO Mark Zuckerberg testified before a U.S. House committee to address lawmaker concerns around Libra.