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Facebook changed its direction for Libra, supporting new tokens tied to government-issued currencies

Facebook publishes white paper document for cryptocurrency

Facebook may be considering changing its release plan for Libra cryptocurrency by 2020.

When the social networking giant, Libra, last year, it announced it would be a simple global currency, with the power to transform the world economy. However, after that, the project was met with harsh criticism from regulators, lawmakers who said that the digital currency needed to solve many questions before being allowed to launch.

While Libra is still in development, Facebook will now provide government-issued currencies such as dollars and euros to sponsor its own tokens. The move appears to be a way to placate managers with aversion and receive additional support for the plan – still scheduled to be introduced in the fourth quarter of this year.

According to Bloomberg reporting On March 3, both Libra and state-issued currencies will be available on the company's digital wallet – Calibra.

By redesigning digital wallets and expanding the features of cryptocurrencies, Facebook expects to release both Calibra and Libra at the same time, scheduled for October. Calibra will allow users to send and receive money. – present in fiat currency, and purchase.

Facebook currently owns nearly 2 billion users worldwide. Expanding the basket of currencies is supported to include central bank currencies that allow people to use Calibra as a more traditional payment system. Any user with Messenger or WhatsApp installed on a mobile device can send money globally with just one click.

Contrary to Libra since its release

Facebook's disclosure of Libra appears to be a way to completely disrupt the global financial system. Although this is an ambitious plan, the project has caused lawmakers and regulators to question the risks when the cryptocurrency is launched on the market, with many questions yet. be answered.

Some officials in the United States have suggested the social network giant add existing cryptocurrencies like Bitcoin to Calibra wallets instead of developing a separate currency. Other proposals include allowing stablecoins into the digital wallet currency basket to prevent it from destroying the sovereignty of central bank currencies.

In Europe, there are many objections around Libra. Lawmakers from Germany and France have sharply criticized the acceptance of Facebook's digital currency into the EU. However, Switzerland is one of the few international partners with the Libra Association, declaring that the currency is “fully in line with our legal framework”.

A glimmer of hope for Libra's strong start could be the reaction of central banks to learning how to accept digital currencies as new reality. Since the project was announced, several countries have been exploring the launch of a digital currency, including Japan, China and the United Kingdom.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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