Are politicians protecting central banks despite a zero-interest world?

Switzerland president Ueli Maurer took a swipe at the Facebook Libra project as he prepares to walk out the door. The nation’s finance minister and the outgoing president called for a reworking of the cryptocurrency project.

I don’t think (Libra has a chance in its current form), because central banks will not accept the basket of currencies underpinning it,” told Swiss broadcasting firm SRF.

“The project, in this form, has thus failed,” he would later say.

Switzerland President Ueli Maurer: Libra Has Failed

Regulators across Europe have increased their alarm sounds over the Facebook project. The Geneva-based Libra Association has faced backlash on everything ranging from privacy concerns to the impact on Libra on central banks’ monetary policy.

In addition, the Libra Association saw an exodus of membership and potential members drop out earlier this year. It had the support of 28 different companies, including Mastercard, Visa, and PayPal. However, it saw big names drop out after central banks and politicians warned about its impact on the financial system.

Libra Delay

David Marcus, an executive at Facebook and leader of the project, is still aiming for a June launch. However, multiple media outlets reported last week that the group must prepare a new 2.0 Roadmap for a launch in 2020.

“At this stage, there is no strategy set in stone for the markets or the product, or how it will actually get rolled out,” said Libra board member Patrick Ellis.

Related: Digital Assets: Facebook’s Libra Rollout Plan Hazy