Facebook’s libra cryptocurrency is readying to launch as early as January, the Financial Times reported on Friday, citing three unidentified people involved in the project.
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Facebook has changed the name of the digital wallet to be used with its new cryptocurrency, the latest in a number of changes to the digital currency and its ecosystem.
Facebook and its partners said their libra cryptocurrency project will now support multiple versions of the digital coins, the majority of which will be backed by individual fiat currencies.
Many members of the Libra Association – a Facebook-led effort to create a global cryptocurrency – are now also backing a rival effort.
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.
With over 2.3 billion monthly active users around the world, it’s not a stretch to imagine that Facebook could have great influence over who pays whom, and how.
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.
European Union antitrust regulators are already probing Facebook s two-month-old libra digital currency project.