Facebook has been facing criticism and pushback from various financial and political institutions over its plans to launch the stablecoin Libra for quite some time now, and in the past few months that pushback only intensified.
It appears that the company is determined to placate its detractors by redesigning the Libra project. It will now include multiple versions of the proposed stable coin, each backed by a single fiat currency like the Euro or the U.S. dollar.
Since the fears were that the stablecoin could undermine the control of the central banks over the monetary system, the Libra association and its backers are made some other changes as well. They have also begun negotiations with Swiss authorities about a payments license.
Source
They had to make these changes to placate the regulators but whether that will work remains to be seen.
It appears that the company is determined to placate its detractors by redesigning the Libra project. It will now include multiple versions of the proposed stable coin, each backed by a single fiat currency like the Euro or the U.S. dollar.
Since the fears were that the stablecoin could undermine the control of the central banks over the monetary system, the Libra association and its backers are made some other changes as well. They have also begun negotiations with Swiss authorities about a payments license.
Source
They had to make these changes to placate the regulators but whether that will work remains to be seen.
