Facebook Backed Libra Cryptocurrency Project Is Scaled Back
In this blog, Facebook Backed Libra Cryptocurrency Project Is Scaled Back. After months of criticism, the cryptocurrency is moving ahead with significant revisions. Facebook is scaling back its beleaguered cryptocurrency project Libra in an attempt to win regulatory approval.
Last June, the social networking company described it as a futuristic global money that could serve as the foundation for a new kind of financial system. But on Thursday, Facebook and its partners rolled out a less ambitious design for Libra after the effort encountered numerous hurdles and heavy regulatory scrutiny. No longer is the group focused on making Libra the basis of a new global financial system where Facebook could essentially play the roles of a central bank and Wall Street.
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The prospect of Facebook’s 2.5 billion user adopting Libra had led to intense scrutiny from global regulators, with many worried its launch could erode national control over money.
In a sign of the change, the Libra project will now focus on creating a more traditional payment network in which coins will be tied to a local currency, somewhat like the digital dollars in a PayPal account. While Libra will also have a coin backed by multiple national currencies, which was the focus of the initial design documents, that will be less prominent. “The virus is highlighting the need for digital payments,” Mr. Davie said. “If you look at those who are getting left out, it is those who are not digitally connected.”
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In a new Libra white paper, the association said it would create multiple coins, each backed by a different national currency, in order to make local commerce easier. A separate coin backed by multiple currencies would be useful for moving money between countries.
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