BUSINESS Facebook-backed Libra unveils scaled-back digital money project


Facebook-backed Libra unveils scaled-back digital money project


22:06, April 16, 2020

The Facebook-backed Libra Association unveiled plans Thursday to seek approval for digital coins in individual currencies, a move enabling cryptocurrency transactions with less disruption to the global monetary system.


File photo: AFP

The plan submitted to Swiss regulators would create separate "stablecoins" pegged exclusively to real-world money such as the US dollar and the euro.

The Swiss-based association, which includes Facebook and a variety of partners and has touted its plan as democratizing the financial system, said a shift to using individual currencies was made after hearing comments and complaints on its original proposal.

"A key concern that was shared was the potential for the multi-currency Libra Coin to interfere with monetary sovereignty and monetary policy," the association said in a white paper.

The group said its so-called stablecoins could be part of a digital payment system as develops a broader multi-currency Libra coin.

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue