Swiss President Olli Moreer has stated that the Facebook digital coin project (Libra) has failed in its current form and the company must amend it until it is approved.
He stated this in an interview with Swiss Radio and added that the Facebook digital currency project does not have chances of success because the central banks will not accept what is called a "basket of deposited currencies" and in which the price of the Facebook digital currency is calculated.
Despite this statement, the Facebook digital coin project is still in the development stage and the (Libra) team has published a new road map and the news was covered on the Bitcoin Arab site under the title:
Announcing the "Libera" road map and revealing the main areas of the development process
The Facebook digital currency project faced many challenges during the current year after it raised the concern of many regulators and politicians from different parts of the world regarding the privacy of users and its impact on monetary policies.
It should be noted that a number of major companies withdrew from the project such as "Visa", "MasterCard" and Paypal "earlier after the spread of concerns in political circles.
Facebook founder Mark Zuckerberg testified before the US House of Representatives committee to answer lawmakers' concerns about the digital currency project.
Zuckerberg said that Facebook would abandon the Libra project if the project did not obtain full approval from US regulators.