Facebook ’s long - anticipated cryptocurrency venture , Libra , could go live as early as January , three people involve with the matter toldFinancial Timesthis week . But do n’t get too frantic just yet : Thanks to a inundation offederal scrutinyand many of itschief investorsbailingon the project , its background has been importantly scaled back .
The Facebook - head Libra Association now intends to launch just “ a single coin backed one - for - one by the dollar ” with plans to roll up out additional currencies and a “ digital composite ” of all its coin at an unspecified future date , one reservoir told the outlet . It ’s a far watchword from Libra’soriginal sale pitchback in June 2019 to “ reinvent money ” and “ transform the global saving ” by leverage Facebook ’s billions of drug user to scale its global , blockchain - based payment electronic web .
But that was in the before times . Before the covid-19 pandemic wreaked havoc on the globular economic system , for one , and before a slew of troubles plagued the project . Seven of the Libra Association ’s high - profile members , include PayPal , Stripe , Visa , eBay , and Mastercard , havepulled out of the projectsince then . Their hejira came after financial regulators in the U.S. , India , China , the European Union , and elsewhere publicly opposed Libra and the so - call “ crypto mafia ” behind it and voiced concerns that the cryptocurrency connection could menace monetary constancy or be flooded with money laundering schemes . Officials also worry that Facebook , a company that ’s no stranger to screw - ups for the account Book , was attempting to circumvent their ascendence .
Photo: Josh Edelson (Getty Images)
Facebook also ended uprebrandingthe digital cryptocurrency pocketbook , which it owns instantly , that it had project for the project . The company changed it from Calibra to Novi afterthe former ’s logobecame the discipline of a trademark misdemeanor lawsuit .
[ Financial Times ]
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