Facebook Libra Redesigned: New System and Cryptocurrency to Comply With Regulations

Facebook’s Libra cryptocurrency project has undergone major changes. A number of key areas have been redesigned, including the payment system, the Libra cryptocurrency, and the addition of new single-currency stablecoins. The changes largely aim to comply with regulatory requirements.

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Libra Project Redesigned, New Whitepaper

The Libra Association has published an updated whitepaper for the Libra project, originally announced by social media giant Facebook in June last year. Michael Engle, a developer at the Libra Association, explained some key changes in a blog post on Thursday.

Since the project was announced, “we’ve worked closely with regulators, central bankers, elected officials, and various stakeholders to shape an innovative approach to using blockchain technology to support a regulated, licensed payment system,” he shared, adding:

We have made changes to our initial approach, many…