Facebook is shifting its Libra cryptocurrency plans after intense regulatory pressure


Facebook is change its plans for Libra cryptocurrency project following months of severe regulatory pressure and political pushback, according to a new report from The Information published on Tuesday.

According to the report, Facebook no longer interested to make the Libra token — the actual blockchain-based cryptocurrency it is in the process of developing in partnership with the nonprofit Libra Association — the centerpiece of its digital payments strategy. Instead, Libra project will reportedly transition to supporting both existing government-backed currencies such as US dollar and the euro, and the Libra token when it is eventually completed and ready to launch.

Also The Information says Facebook is postponed the launch of its separate Calibra digital wallet, which was to be a primary showcase for the Libra technology by allowing anyone with a smartphone will be purchase and store the cryptocurrency and then pay for various goods with it. The wallet will now support for multiple currencies of which Libra will be just one.

Posted in Cryptocurrencies on May 24, 2020


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