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In a few days, 2019 will come to an end. If we talk about the most controversial Internet product of the year, it must be the digital currency Libra launched by the American social network giant Facebook. Since the Libra project was announced, it has caused huge controversy around the world, and Facebook has faced huge resistance.

According to the latest news from foreign media, the Libra currency operating organization "Libra Coin Association" is registered in Switzerland, Europe. Recently, the Swiss President stated that in its current form, Facebook's Libra currency has failed, and only a redesign can obtain regulatory approval.

“I don’t think (Libra has a chance at the moment) because central banks will not accept a basket of currencies to back it,” Swiss Finance Minister and outgoing president Julius Maurer told Swiss broadcaster SRF.

“In its current form, the Libra project has failed,” he added in the interview.

Libra did not immediately respond to a request for comment.

The Libra digital currency initiative, issued and managed by the Geneva-based Libra Association and led by Facebook Inc., has raised concerns among regulators and politicians about issues ranging from personal privacy protection to its impact on monetary policy and The possibility of changing the global financial landscape.

Officials managing the project said regulatory hurdles from government agencies could delay the launch of Libra beyond its planned June next year.

According to Facebook's design, consumers can use ordinary legal currency to purchase or exchange Libra coins. The Libra Association will use legal currency to purchase some relatively stable financial assets such as U.S. bonds and establish a currency reserve fund to stabilize the value of Libra coins. Previously, Facebook had announced the first batch of five legal currencies as reserve funds.

It is envisaged that Internet users around the world can use Libra currency for mobile payments, consumer settlements, etc. Since it is not the legal currency of each country, Libra currency will also bypass the strict supervision faced by traditional legal currencies. It is generally believed that Facebook hopes to bypass the traditional financial regulatory system and establish a "state within a state" in the Internet financial market.

Since Facebook has more than 2 billion users around the world through its four major social tools, the Libra project immediately triggered concerns in many countries. Regulators are worried that the huge user base of Libra will impact legal tender and interfere with the operation of the financial system. In addition, if supervision is not Once it is in place, Libra will also become a tool for extremist organizations to raise funds or criminal groups to launder money.

Faced with criticism from regulatory agencies in various countries, Facebook executives including Zuckerberg stated that they will meet the regulatory requirements of various countries before issuing Libra coins.

Not long ago, U.S. Federal Reserve executive Lael Brainard launched a fierce attack on Facebook’s Libra digital currency project, saying that the project faces “a series of core legal and regulatory challenges,” including the need for the Libra Association to clarify the project How it will be pegged to a basket of fiat currencies.

Brainard said Facebook views Libra as a “stable currency” — a digital currency tied to a government-backed currency or other reliable asset to avoid the wild swings of pure cryptocurrencies like Bitcoin — that The concept remains unproven and a range of consumer rights are unclear.

Brainard said: "If Facebook continues to grow, it will combine a network of active users representing more than a third of the world's population with the issuance of a private digital currency that is opaquely pegged to a basket of sovereign currencies. Without the necessary safeguards measures, a stable digital currency on a global scale could pose risks to consumers.”

Central banks around the world are discussing how to manage advances in digital financial technology, particularly the distributed ledger system used by Bitcoin. Some analysts believe it is inevitable that central banks will eventually issue their own digital currencies.

According to foreign media reports, countries such as France and Germany have previously proposed the creation of official digital currencies to be issued and used in EU countries. This is considered to be a move to attack Libra in advance.

Another reason why the outside world is so opposed to the Libra project is that in the past three years, Facebook has exposed countless personal privacy scandals, and the outside world has called for Zuckerberg to resign. Public opinion believes that Facebook has what it takes today. The credibility of Libra is no longer enough to support projects like Libra. In fact, Libra users' private information (including total currency holdings and Libra consumption transaction records) will face greater risks of abuse or leakage in the future.