Libra: Facebook changes its plans for its crypto-project

Faced with regulatory pressure, Facebook would have decided to offer digital versions of currencies supported by governmentsin addition to its own token, on the network Libra.

According to people close to the case cited by TheConversation, Facebook and its partners are considering complete overhaul of the cryptocurrency project Libra.

Facebook has decided to offer its users digital versions of government-supported currencies, such as the US dollar and the euro, in addition to the Libra token, ”said the sources.

In June 2019, Facebook revealed Libra, an initiative to create a cryptocurrency "Global" – type stablecoin and whose value is indexed to a basket of fiat currencies – with the aim of improving financial inclusion.

Managed by an independent Swiss foundation supported by a myriad of large companies, the project quickly attracted the wrath of regulators and politics all around the planet, including France, causing cascading defections within the association with in particular the departure of PayPal, Visa and MasterCard.

The dream of a single global token is not dead. The new plan could expand, not roll back, the original vision, "added one source. Bloomberg.

Libra could thus present itself more as a payment network, similar to Paypal but built on the blockchain, that in the form of one and only cryptocurrency.

The Libra Association has not changed its goal of building a regulatory-compliant global payment network, and the basic design principles that support that goal have not changed, ”said Dante Disparte, spokesperson for Libra, in A press release.

Today, the Geneva-based foundation counts 22 members, against 28 at the start. This month, two new companies, including the Canadian Shopify, joined the project.