Facebook’s Libra project has failed in its current form and needs reworking to be approved, said the president of Switzerland where the cryptocurrency is seeking regulatory consent.
David Marcus, who heads the Libra project for Facebook, told a banking seminar the stablecoins group’s main goal remained to create a more efficient payments system.
The financial backers to Libra did not want to attract regulatory scrutiny and declined Facebook’s requests to publicly support the project, according to WSJ.
The launch of Facebook’s Libra could be pushed back to tackle the regulatory concerns that have been raised around the world, the head of the organization set up to oversee the cryptocurrency told Reuters.
Facebook Inc said it would not proceed with the launch of its Libra cryptocurrency until regulatory concerns are addressed.