Facebook changes its plans regarding its digital currency, Libra
The famous technical website “The Information” reported that Facebook intends to change its plans for its digital currency project, “Libra.”
Facebook’s change of plans comes after months of intense regulatory pressure and political decline for the digital currency, Libra.
According to the report, Facebook no longer intends to make “Libra” – the cryptocurrency based on BlockChain technology, which it is developing in partnership with the non-profit Libra Association – as the centerpiece of its digital payments strategy.
Facebook intends to support current government-backed currencies, such as the US dollar and the European euro, in addition to the Libra currency.
The report added that Facebook intends to delay the launch of the “Calibra” wallet, which was supposed to be the primary interface for the “Libra” technology, and the wallet is now supposed to support multiple currencies, including “Libra.”
Facebook plans to launch the wallet next October instead of the summer, and instead of it becoming available worldwide at launch, its availability may be limited to government-backed currencies that the project supports within the app, and this may slow down the wallet’s rollout.
The Information report indicated that Facebook is still insisting on the wallet’s money storage and transfer features being available on WhatsApp and Facebook Messenger, although the timeline for the arrival of these features is still unclear regarding the wallet’s planned launch in October.
