In a hit to Facebook’s digital currency plans, the president of Switzerland Ueli Maurer has said Facebook’s Libra project has failed in its current form and needs reworking to be approved, as the Cryptocurrency is seeking regulatory consent.

Plans for the Facebook-led digital currency, which is to be issued and governed by the Geneva-based Libra association, have raised concerns among regulators and politicians ranging from privacy to its potential to influence monetary policy and change the global financial landscape.&nbsp;

Officials running the project, including co-creator David Marcus of Facebook, have said regulatory hurdles could see the launch delayed beyond the planned June date.

The cryptocurrency is to be backed by a reserve of assets such as bank deposits and government debt held by a network of custodians.&nbsp;

The structure is meant to foster trust and avoid the price swings that plague other cryptocurrencies.&nbsp;

In a hit to Facebook’s digital currency plans, the president of Switzerland Ueli Maurer has said Facebook’s Libra project has failed in its current form and needs reworking to be approved, as the Cryptocurrency is seeking regulatory consent.

In a hit to Facebook’s digital currency plans, the president of Switzerland Ueli Maurer has said Facebook’s Libra project has failed in its current form and needs reworking to be approved, as the Cryptocurrency is seeking regulatory consent. Plans for the Facebook-led digital currency, which is to be issued and governed by the Geneva-based Libra association, have raised concerns among regulators and politicians ranging from privacy to its potential to influence monetary policy and change the global financial landscape. Officials running the project, including co-creator David Marcus of Facebook, have said regulatory hurdles could see the launch delayed beyond the planned June date. The cryptocurrency is to be backed by a reserve of assets such as bank deposits and government debt held by a network of custodians. The structure is meant to foster trust and avoid the price swings that plague other cryptocurrencies.

Libra has failed in current form: Swiss president Ueli Maurer

Indian Prime Minister Narendra Modi, who met Swiss President&nbsp;Doris Leuthard today (August 31) in New Delhi said he was &quot;grateful&quot; to Switzerland&nbsp;for supporting India&#39;s membership to the Missile Technology Control Regime (MTCR).&nbsp;

India formally joined the MTCR as a full member in 2016. The MTCR is a partnership of 35 countries created to curb the spread of unmanned delivery systems for nuclear weapons. Its &nbsp;membership will enable India to buy high-end missile technology.

After talks with the Swiss President, PM Modi said the two had &quot;productive talks on international, regional and bilateral issues.&quot;

PM Modi said India and Switzerland had&nbsp;a &quot;robust cooperation in combating tax evasion and black money.&quot;

The Swiss president, who is on a three-day visit to India, is accompanied by senior government officials and a large business delegation of leading Swiss companies.

The two countries&nbsp;signed&nbsp;two pacts, including for technical cooperation in railways.

Officila said earlier that the two leaders covered the entire spectrum of their bilateral relationship, including ways to boost trade and investment ties. 
 
External Affairs Minister Sushma Swaraj called on the Swiss president earlier in the day and discussed various bilateral issues.

President Leuthard was also given a ceremonial welcome at the Rashtrapati Bhavan.

Swiss presidents have previously visited India on three occasions,&nbsp;in 1998, 2003 and 2007.

PM Modi visited Switzerland in June last year. During the visit, the country announced its support to India&#39;s membership of the Nuclear Suppliers Group.

The two countries had also resolved to strengthen cooperation in combating tax evasion and black money.

PM Modi had then said that combating the menace of black money and tax evasion was &quot;shared priority&quot; for both the countries.&nbsp;

PM Modi and Swiss President Doris Leuthard today held extensive talks, covering the entire spectrum of their bilateral relationship, including ways to boost trade and investment ties,?officials said

Indian Prime Minister Narendra Modi, who met Swiss President Doris Leuthard today (August 31) in New Delhi said he was "grateful" to Switzerland for supporting India's membership to the Missile Technology Control Regime (MTCR). India formally joined the MTCR as a full member in 2016. The MTCR is a partnership of 35 countries created to curb the spread of unmanned delivery systems for nuclear weapons. Its membership will enable India to buy high-end missile technology. After talks with the Swiss President, PM Modi said the two had "productive talks on international, regional and bilateral issues." PM Modi said India and Switzerland had a "robust cooperation in combating tax evasion and black money." The Swiss president, who is on a three-day visit to India, is accompanied by senior government officials and a large business delegation of leading Swiss companies. The two countries signed two pacts, including for technical cooperation in railways. Officila said earlier that the two leaders covered the entire spectrum of their bilateral relationship, including ways to boost trade and investment ties. External Affairs Minister Sushma Swaraj called on the Swiss president earlier in the day and discussed various bilateral issues. President Leuthard was also given a ceremonial welcome at the Rashtrapati Bhavan. Swiss presidents have previously visited India on three occasions, in 1998, 2003 and 2007. PM Modi visited Switzerland in June last year. During the visit, the country announced its support to India's membership of the Nuclear Suppliers Group. The two countries had also resolved to strengthen cooperation in combating tax evasion and black money. PM Modi had then said that combating the menace of black money and tax evasion was "shared priority" for both the countries.

Grateful to Switzerland for supporting India's MTCR membership: PM Modi to Swiss President Leuthard

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Libra has failed in current form: Swiss president Ueli Maurer

Grateful to Switzerland for supporting India's MTCR membership: PM Modi to Swiss President Leuthard