Communications of the ACM
Facebook-Backed Libra Cryptocurrency Project Is Scaled Back
Facebook and its partners have rolled out a less ambitious design for its Libra cryptocurrencty project after the effort encountered numerous hurdles and heavy regulatory scrutiny.
Credit: Pete Marovich/The New York Times
When Facebook unveiled its Libra cryptocurrency project last June, the social networking company described it as a futuristic global money that could serve as the foundation for a new kind of financial system.
But on Thursday, Facebook and its partners rolled out a less ambitious design for Libra after the effort encountered numerous hurdles and heavy regulatory scrutiny.
No longer is the group focused on making Libra the basis of a new global financial system where Facebook could essentially play the roles of a central bank and Wall Street.
In a sign of the change, the Libra project will now focus on creating a more traditional payment network in which coins will be tied to a local currency, somewhat like the digital dollars in a PayPal account. While Libra will also have a coin backed by multiple national currencies, which was the focus of the initial design documents, that will be less prominent.
From The New York Times
View Full Article
No entries found