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

Venezuelan opposition leader Juan Guaido said he spoke to the president of Switzerland on Wednesday to try to freeze banks accounts belonging to the tumultuous South American nation after "irregular movements" were discovered.

Guaido invoked a constitutional provision to claim the presidency three weeks ago, arguing that Nicolas Maduro's re-election last year was a sham. Since then, Guaido has been trying to control Venezuelan assets overseas.

"We are talking to the Swiss president," Guaido said in an interview with Mexican network Televisa. He said they had spoken on Wednesday morning but did not mention Swiss President Ueli Maurer by name.

Guaido said the Venezuelan government held bank accounts in Switzerland and that irregular efforts to migrate part of those accounts to "another site" had been detected.

"We are doing everything possible to protect these assets that belong to the republic," he said.

He did not say who had detected the movements in the accounts, whether any money had been transferred or give further details.

Most Western countries, including the United States, have recognized Guaido as Venezuela's legitimate head of state, but Maduro retains the backing of Russia and China as well as control of state institutions including the military.

Venezuelan opposition leader Juan Guaido said he spoke to the president of Switzerland on Wednesday to try to freeze banks accounts belonging to the tumultuous South American nation after "irregular movements" were discovered.

Venezuelan opposition leader Juan Guaido said he spoke to the president of Switzerland on Wednesday to try to freeze banks accounts belonging to the tumultuous South American nation after "irregular movements" were discovered. Guaido invoked a constitutional provision to claim the presidency three weeks ago, arguing that Nicolas Maduro's re-election last year was a sham. Since then, Guaido has been trying to control Venezuelan assets overseas. "We are talking to the Swiss president," Guaido said in an interview with Mexican network Televisa. He said they had spoken on Wednesday morning but did not mention Swiss President Ueli Maurer by name. Guaido said the Venezuelan government held bank accounts in Switzerland and that irregular efforts to migrate part of those accounts to "another site" had been detected. "We are doing everything possible to protect these assets that belong to the republic," he said. He did not say who had detected the movements in the accounts, whether any money had been transferred or give further details. Most Western countries, including the United States, have recognized Guaido as Venezuela's legitimate head of state, but Maduro retains the backing of Russia and China as well as control of state institutions including the military.

Guaido says he's trying to freeze Venezuelan accounts in Switzerland

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Libra has failed in current form: Swiss president Ueli Maurer

Guaido says he's trying to freeze Venezuelan accounts in Switzerland