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| Facebook's digital currency failed in its current form |
The Swiss president said that Facebook's "Balance" digital currency project failed in its current form because the cryptocurrency requires regulatory approval and needs to be reviewed for approval.
"I do not think that Liberia has the current opportunity because the central bank will not accept the basket of currencies on which it depends," Swiss Finance Minister and outgoing President Olli Maurer said in a radio interview. Swiss. "
The Facebook-led digital money program, published and managed by the Libera Society in Geneva, has caught the attention of organizers and politicians. They range from secrecy to the ability to influence monetary policy and change the financial landscape. the world.
Project leaders, including David Marcus, a Facebook founder, said that regulatory hurdles could delay the launch in June.
The cryptocurrency is backed by assets such as bank deposits and public debt from the Partner Network. This structure aims to enhance confidence and avoid price fluctuations in other cryptocurrencies.
Since the beginning of October, online payment companies PayPal and Stripe as well as Visa, Mastercard and other projects have pulled out of the market under Facebook under increasing pressure from U.S. regulators. In terms of privacy and data protection, reputation is at risk.
The state and the central bank are the only legal entities that issue foreign exchange. They raised concerns about sovereignty. "We will be with the Italians and Germans because our supremacy is at stake."
Earlier this month, US Federal Reserve officials expressed concern, and Fed Governor El Brainerd said that a stable global currency network without the necessary security could jeopardize consumers.