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Maurer Drops Libra Support: Tweet Sparks Debate

Coin WorldFriday, Feb 14, 2025 10:45 pm ET

1min read

MILEI WITHDRAWS SUPPORT FOR LIBRA COIN: TWEET

In a surprising turn of events, Swiss National Council member and former finance minister, Ueli Maurer, has publicly withdrawn his support for the Libra coin, a cryptocurrency project backed by Facebook. Maurer, who previously expressed optimism about the potential of Libra, took to Twitter to announce his change of heart.

Maurer's tweet, which has since gained significant traction, stated that he no longer supports the Libra project due to concerns over its potential impact on financial stability and monetary policy. He emphasized that the Swiss government would not grant a banking license to the Libra Association, the organization behind the cryptocurrency.

The Libra project, initially announced in June 2019, has faced numerous challenges and regulatory hurdles since its inception. The project aims to create a global, decentralized digital currency that can be used for online transactions and remittances. However, it has been criticized by regulators and central banks worldwide, who have raised concerns about its potential to disrupt the financial system and facilitate illicit activities.

Maurer's withdrawal of support comes as the Libra project continues to face scrutiny from regulators and lawmakers. In October 2019, the G7 nations released a report warning that Libra could pose a risk to the global financial system if it were to launch without proper regulatory oversight. The report also highlighted the need for international cooperation to address the challenges posed by cryptocurrencies.

The Libra Association has since made efforts to address these concerns, including proposing a series of changes to the project's governance and structure. However, the project's future remains uncertain, and it is unclear whether it will be able to overcome the regulatory hurdles it faces.

Maurer's tweet has sparked a lively debate among cryptocurrency enthusiasts and industry experts, with some expressing concern about the potential impact of the withdrawal of support on the project's future. Others have praised Maurer's decision, arguing that the Libra project poses too great a risk to the financial system.

As the regulatory landscape for cryptocurrencies continues to evolve, the Libra project will face significant challenges in its quest to create a global digital currency. The withdrawal of support from a prominent figure like Maurer is a clear indication that the project will need to address the

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