16 Apr Facebook’s libra plans new crypto offering backed by just one currency
A “Zuck Buck” is displayed on a monitor as David Marcus, the executive leading Facebook’s blockchain initiative, is questioned by U.S. lawmakers in Washington, D.C., on July 17, 2019.
Andrew Harrer | Bloomberg | Getty Images
Facebook’s cryptocurrency project is taking a new, scaled-down approach as transactions increasingly take place online during the coronavirus pandemic.
The Libra Association, an independent group organized by Facebook to manage the libra crytocurrency, said it now plans to offer stable coins backed by just one nation’s currency in addition to its coins backed by multiple currencies. That means some coins offered by the group would serve as the equivalent value of a U.S. dollar or a Euro, for example. The change comes after Facebook’s plans for libra were shot down by lawmakers around the world who worried about a company with a history of privacy scandals having control over their citizens’ resources.
The move represents a big change for libra, which Facebook…