Facebook Rethinks Libra Cryptocurrency Plans

Facebook is reportedly rethinking its plans for the Libra cryptocurrency, after resistance from regulators.

It is now considering a system with digital versions of established currencies, including the dollar and the Euro. The social network’s digital wallet is now expected to launch this autumn.

Of earlier reports that it might drop Libra itself, the firm said: “Facebook remains fully committed to the project.”

Facebook announced in June last year that it would launch the Libra digital currency, with a goal of making payments easier and cheaper. Its partners in the Libra Association include Lyft, Spotify, Shopify, but several other high-profile members such as Visa left after the idea was criticised by authorities.

“The Libra Association has not altered its goal of building a regulatory compliant global payment network, and the basic design principles that support that goal have not been changed nor has the potential for this network to foster future innovation,” Dante Disparte, head of Policy and Communications at the Libra Association, said.