Facebook Releases Plans for a Scaled Back Libra After Regulatory Pushback

Facebook has re-released plans for Libra which are scaled back from their original vision after getting significant pushback from global regulators; Facebook executives have recently said they would not move forward without the blessing of regulators; the new vision will look more like a traditional payments network with coins being tied to a local currency; they will also created a separate coin backed by multiple currencies for moving money between countries; the members of the Libra Association still believe in the underlying mission and think the current crisis highlights the need for better payments systems; The virus is highlighting the need for digital payments,” Matthew Davie, Chief Strategy Officer at Kiva, said to the New York Times. “If you look at those who are getting left out, it is those who are not digitally connected.”; Libra is also moving to a closed system where only partners with approvals of the association can build infrastructure. NY Times

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