Facebook is shifting its Libra cryptocurrency plans after intense regulatory pressure

Illustration by William Joel / The Verge

Facebook is altering its plans for its Libra cryptocurrency project following months of severe regulatory pressure and political pushback, according to a new report from The Information published on Tuesday.

According to the report, Facebook no longer intends to make the Libra token — the actual blockchain-based cryptocurrency it’s in the process of developing in partnership with the nonprofit Libra Association — the centerpiece of its digital payments strategy. Instead, Facebook’s Libra project will reportedly transition to supporting both existing government-backed currencies, like the US dollar and the euro, and the Libra token when it is eventually completed and ready to launch.

Additionally, The Information says Facebook is…

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via The Verge – All Posts

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