Facebook to change course on Libra strategy

[rt_reading_time postfix="minutes to read" postfix_singular="minute to read"]

(Image: © Tink)

SAN FRANCISCO – Facebook Inc. ( NASDAQ: FB) and its partners are considering a redesign of the Libra cryptocurrency system to allow for digital versions of established currencies such as the dollar and the Euro – according to Bloomberg and tech site The Information. The change marks a clear attempt by the firm at adapting its currency platform to the stiff pressure it has faced from regulators since its inception.

The Libra Association once boasted many high profile members such as Paypal, Visa, Mastercard, Stripe, Mercado Pago and eBay. These companies have since withdrawn support due to criticism by authorities, which still leaves 21 companies in the partnership, including big names like Lyft, Spotify and Shopify.

When Facebook unveiled Libra, it intended to create a single global digital currency. Anyone, especially the 1.7 billion people who have no bank account, could send money anywhere in the world at little cost, as easily as sending a text.

Dante Disparte, head of Policy and Communications at the Libra Association said: “The Libra Association has not altered its goal of building a regulatory compliant global payment network, and the basic design principles that support that goal have not been changed nor has the potential for this network to foster future innovation.”

Several government leaders and research groups, such as the one set up by G7, have criticised Libra and warn that cryptocurrencies pose a risk to the global financial system.



Leave a Reply

Your email address will not be published. Required fields are marked *

read similar analysis



Consider making a small donation, so we can continue to create amazing content with our local partners. We suggest a minimum of $0.25 cents per article, or signing up for a Membership.



Already have an account? Sign In

Empower yourself by accessing information.

If you enjoyed this piece, you can access more: hundreds of news, analysis, and opinions created by experts in the technology industry.

It’s free! Unlike most digital publications, we don’t charge for our basic content; so you don’t have to pay to stay informed.

Impact Origin uses cookies to ensure you get the best experience on our website. By using this site, you agree to our use of cookies as explained in our Privacy Policy.