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.
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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.
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.
Facebook is once again defending libra – this time against fears that the envisioned cryptocurrency could replace sovereign currencies from the US dollar to the euro.
The group behind the Facebook-backed libra digital currency has said it will ensure it meets privacy standards after data protection authorities raised concerns about its design.