Facebook to include new coins in its cryptocurrency project

Facebook might include other coins in its cryptocurrency project, under pressure from regulators. The giant and its partners announced Libra some time ago, but now they are facing regulatory scrutiny.

So, Bloomberg reported that Libra could become more like a payments network incorporating other coins. These would be the ones issued by national banks and backed by currencies such as the US dollar and the euro. Facebook’s initial plans, announced in October, were to create only its own digital currency. Still, the changes to the project might help the social media giant leave the concerns of the regulators behind. They invoked Facebook’s privacy scandals and the use of cryptocurrencies for money laundering.

Facebook created Libra Association, with a group of 21 founding members, among which Spotify and Uber. That should oversee the new cryptocurrency. At the same time, Facebook is building a digital wallet – Calibra, for storing Libra coins.

Facebook remains fully committed to the project

According to the initial plans, Libra should have been launched in the first half of 2020. So, the main idea of the creators was to make easier to send money, for those who do not have a bank account. Then, a few setbacks appeared. First of all, Mastercard and Visa pulled out of the association. Then, media reported Facebook’s decision not to make the Libra available at the moment. Also, the company could delay the new digital wallet by several months. Still, a spokesperson for Facebook mentioned that the company is moving forward with Libra.

“Reporting that Facebook does not intend to offer the Libra currency in its Calibra wallet is entirely incorrect. Facebook remains fully committed to the project.”

Although the Libra Association didn’t immediately comment about the launch of Libra, Facebook might include other coins in its cryptocurrency project, in order to go on.