Facebook Scales Back Libra, Ties it to Fiat Currency

Facebook is lowering its Libra cryptocurrency project. Instead of trying to become the dominant global financial system, the new goals are less ambitious. Instead, it works as a layer on top of traditional fiat money, much like Apple Pay.

The Libra Association said it had started obtaining regulatory approval for the payment network from the Swiss financial market regulator. To ensure that authorities around the world are on board, the Swiss service works with a “college” of regulators from over 20 countries. The association said it still plans to deploy the system this year.

A good move from Facebook, partly because there will always be strong opposition to Libra. You can cooperate with the government on certain points, but you don’t take care of their money. And in the end, it’s still a way to compete with PayPal, Google Pay, and Apple Pay. C

See: Facebook reduces the scale and associates it with Fiat’s currency

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