Libra, the much-scrutinized proposed cryptocurrency from Facebook (NASDAQ:FB), has “failed in its current form,” according to Swiss President and Finance Minister Ueli Maurer.

Swiss President Critical of Libra Basket

Maurer, who is in the final days of his year-long term as President of the Swiss Confederation, was speaking to the country’s national TV network SRF when he said, “I don’t think (Libra has a chance in its current form), because central banks will not accept the basket of currencies underpinning it,” adding that “the project, in this form, has thus failed.” The Libra Association, the body ...