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.
US banking giant JPMorgan Chase & Co is broadening its perspective on blockchain technology to show how digital money will change the financial world.
Facebook’s libra cryptocurrency starts 2020 looking no closer to release, with authorities in its base in Switzerland raising fresh questions about its suitability as a global currency.
A senior Chinese foreign-exchange regulatory official called for “special attention” to be paid to blockchain as the nation looks to gain advantages from digital finance.
Mark Zuckerberg has indicated he is willing for Facebook to pull out of the libra digital currency if other founding members decide to press ahead without US approval.
The hostility toward Facebook’s libra cryptocurrency appears to be weighing on the sentiment for bitcoin.