Ueli Maurer, who is Switzerland’s finance minister and the outgoing president said that he didn't think Libra has a chance in its current form, because central banks will not accept the basket of currencies underpinning it.

“The project, in this form, has thus failed”, he added.

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. That structure is meant to foster trust and avoid the price swings that plague other cryptocurrencies.