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- Facebook is planning to offer digital versions of government-backed currencies comprising of the US dollar and the Euro, apart from the cryptocurrency Libra.
- In October, the world’s biggest wealth resources notified cryptocurrencies as a risk to the global financial system including Libra in their list.
On last Tuesday, the social media ruler Facebook is reconsidering to postpone the plan of its self-digital currency Libra for some regulatory investigation by several months.
According to a report, Facebook is planning to offer digital versions of government-backed currencies comprising of the US dollar and the Euro, apart from the cryptocurrency Libra.
The struggle for Libra started when?
Last year in June, Facebook announced to launch Libra in partnership with the Libra Association including Lyft, Shopify, Spotify, but many other prominent members such as Visa left this alliance after getting critiqued by authorities for this plan.
That ultimately led the project to get into trouble with some distrustful controllers around the world.
In October, the world’s biggest wealth resources notified cryptocurrencies as a risk to the global financial system including Libra in their list.
France pointed out that it frightens the government “monetary sovereignty.” Others have cautioned it may be misused for money laundering and other impious means.
Previously, Facebook announced that Facebook Calibra wallet was scheduled to launch in summer is now coming out in October.
A Facebook Calibra wallet is a blockchain technology build to exchange Libra cross-border safely and securely. Apart from Libra, this crypto wallet will also support other prime currencies.
However, Facebook denied this report stating Facebook Calibra will not propose Libra.
Many US representatives opposed Facebook digital coin, proclaiming it is irresponsible with user data privacy. They have also marked Libra as “dangerous” and “delusional.”
Last year, The Libra Association specified that over 1,500 entities showed their interest to join the Libra project when the project was announced on June 18, 2019.
However, the project invited controversies that resulted in the discontinuation of telecom major Vodafone who was among the 21 organizations which signed onto the Libra Association agreement in October.
About Libra
Introduced by American social media giant Facebook, Inc., Libra is an authorized blockchain digital currency. Though, only elementary experimental code has been released; the currency and network are yet to exist.
