Swiss President rejects Facebook's Libra cryptocurrency
Outgoing Swiss president and finance minister Ueli Maurer has rejected Facebook's Libra cryptocurrency as a failure, saying the project in its current form will not be supported by central banks. Facebook is seeking the Swiss government's approval for its cryptocurrency project with the Geneva-based Libra Association, which seeks to remedy the volatility of traditional cryptocurrency by tying it to real world assets such as bank deposits and government debt.
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