The President of the Swiss Confederation, Ueli Maurer, currently sees no possibility of approving the digital money initiated by Facebook.The plan to register the digital currency Libra in Switzerland, which was pushed by Facebook, has gone wrong. “Switzerland cannot approve Libra in its present form,” explained the President of the Swiss Confederation, Ueli Maurer. The reason for this is the basket of currencies that is deposited with this currency and is therefore not accepted by the national banks.

Libra is to become a kind of crypto-money, managed by a consortium of private companies and covered by a basket of normal currencies such as the US dollar and the euro. Politicians and regulators worldwide were not enthusiastic about this idea. New projects that would take into account the reservations about Libra would be launched in the next few months, Maurer said according to media reports. The Finance Minister hopes “that such new crypto-currencies or digital payment systems will settle in Switzerland”. The country would already be among the world leaders in this area.