Last year’s backlash against Facebook’s planned digital currency libra would have been most CEOs’ worst nightmare. It hasn’t deterred Mark Zuckerberg.
Browsing: David Marcus
Facebook-backed cryptocurrency libra has been rebranded “diem” in a renewed effort to gain regulatory approval by stressing the project’s independence.
Facebook and its partners are considering redesigning the libra cryptocurrency project so that the network accepts multiple coins, including those issued by central banks, in an effort to woo reluctant global regulators.
The head of Facebook’s libra project said that it could use cryptocurrencies based on national currencies like the dollar, rather than the synthetic one it initially proposed.
Facebook has a warning for those in Washington determined to derail the company’s plans for creating a cryptocurrency: doing so would be a huge win for China.
The Facebook executive responsible for the embattled cryptocurrency said he doesn’t fault companies that pulled out of the project, adding that he’s optimistic more organisations will sign on.
Facebook’s remaining partners in its digital currency project signed paperwork on Monday to officially join the Libra Association.
Facebook’s effort to create a cryptocurrency was dealt a blow on Friday after several key partners, including Mastercard, Visa, eBay, Stripe and Mercado Pago, abandoned the project.
PayPal has pulled out of the Libra Association, a blow to Facebook’s efforts to develop a digital currency.
Germany has delivered a blow against Facebook’s planned cryptocurrency, expanding Europe’s opposition to the social network’s financial ambitions.