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Facebook’s Scale has been submitted in its current form, the Swiss president

FILE PHOTO: A small piece of a toy figure, it is to be seen on the representations of the virtual currency to a European flag and on the Facebook Scale the logo in this illustration picture, the 20th October 2019 at the latest. REUTERS/dado Ruvic

ZURICH (Reuters) – Facebook’s (FB.D) Scale of project has failed in its current form, and the requirements of the restructuring is to be approved, he said, the president of Switzerland, the cryptocurrency has been on a search for legislative approval.

“I don’t think that (in Libra will have a chance in it’s current form), because the central banks won’t agree to a basket of currencies, the basis for it,” Ueli Maurer, the swiss minister of finance, and the outgoing president, told Swiss broadcaster SRF.

“The project is in this form, it is not like that,” he said in an interview.

Scale does not immediately respond to a request for comment.

The plans for the Facebook-led a digital currency that can be issued and is governed by the Geneva-based Scale Society, have raised concerns among regulators and politicians, ranging from privacy, to have the potential to influence the conduct of monetary policy, and the changing global financial landscape.

Officials in the execution of the project, and is co-author with David Marcus of Facebook, is said to have statutory obstacles could be seen that the launch be delayed until after the planned June date.

The cryptocurrency is for you to be backed by a pool of assets, such as bank deposits and government debt holdings, by a network administrator. The structure has been designed in order to promote trust and avoid the price fluctuations that plague other cryptocurrencies.

Reporting by Brenna Hughes Neghaiwi; Editing by Andrew Cawthorne

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