Libra: Facebook makes changes to the cryptocurrency project to deal with regulatory scrutiny

Libra: Facebook makes changes to the cryptocurrency project to deal with regulatory scrutiny

Facebook has been facing growing skepticism from US and European regulators regarding the Libra cryptocurrency project. After several months of scrutiny and difficulties in retaining some founding members, the company led by Mark Zuckerberg will make changes to its original plans.

According to sources to which The Information had access, Facebook's digital currency will no longer be at the center of its digital payments strategy. As soon as it is launched, the project will start supporting stablecoins, such as the euro or the dollar, in addition to the pound. In October 2019, David Marcus, co-creator of the project, had announced that the company was looking for alternative approaches to the currency token it intended to use.

Facebook will also postpone the launch of the Calibra digital wallet until October this year. Apparently, the company plans to allow any user the possibility to buy and save cryptocurrencies from their smartphone and use them to make payments. Calibra will also support several digital currencies in addition to Libra.

Although the technological giant intends to integrate Calibra in WhatsApp and Messenger, the digital wallet will be limited to some regions worldwide, and its availability may be conditioned to the currencies supported by the project.