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Facebook-Backed Libra Plans Multiple Single-Currency Coins

  • Cryptocurrency project responding to criticism from regulators
  • Association says it aims for late 2020 launch of Libra coins
Bloomberg business news
Facebook Revamps Cryptocurrency Libra
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Facebook Inc. and its partners said their Libra cryptocurrency project will now support multiple versions of the digital coins, the majority of which will be backed by individual fiat currencies like the U.S. dollar, as part of changes made to appease skeptical regulators worldwide.

The Libra Association, the governing body overseeing the proposed project, redesigned the currency and made other changes responding to financial regulators concerned the effort could undermine the power and control of central banks. The group said Thursday it plans to support multiple Libra stablecoins, with each working like a digital version of a country’s existing currency.