<p>Facebook's Libra stablecoin has failed in its current form, according to Swiss president Ueli Maurer.</p> <p>In an <a href="https://www.srf.ch/news/schweiz/ueli-maurer-zieht-bilanz-die-schweiz-redet-mit-allen">interview</a> with Swiss broadcaster SRF, Maurer stated that Libra does not have a chance of being successful "because the basket of currencies that is deposited in this currency is not accepted by the national [central] banks."</p> <p>"The project in this form has actually failed," Maurer added.</p> <p>As it stands, the nascent project is still in development and is not yet a live, active network. Last week, Libra <a href="https://www.theblockcrypto.com/linked/51183/libras-second-roadmap-outlines-its-final-push-toward-mainnet-launch">published</a> a second roadmap outlining plans for its mainnet launch, currently slated for 2020. </p> <p>In October, several prominent backers of Libra, including Visa, Mastercard, PayPal, <a href="https://www.theblockcrypto.com/post/42979/ebay-and-stripe-drop-out-of-facebooks-libra">withdrew</a> from the Libra Association. A few weeks later, Facebook founder and CEO Mark Zuckerberg testified before a U.S. House committee to address lawmaker concerns around Libra.</p> <p>At the hearing, Zuckerberg said that the social media giant would quit the Libra Association if the project does not get full approval from U.S. regulators.</p>