Facebook Revamps Proposed Cryptocurrency Libra

Facebook, Inc. FB's proposed cryptocurrency Libra is revamping its platform to make it more acceptable to financial regulators. 

Libra’s multicurrency stablecoin Libra will now be backed by new stablecoins, instead of by fiat currencies living in a bank account, according to Coin Telegraph. 

On Thursday, Libra co-creator David Marcus discussed the changes in a series of tweets. 

Most notable evolutions are:
a) the creation of single currency stablecoins, e.g. ≋USD, ≋EUR, ≋GBP, in addition to Libra Coin (≋LBR), which will now be a Move smart contract “stitching” together fixed nominal weights of underlying stablecoins. 3/8

— David Marcus (@davidmarcus) April 16, 2020

Since its launch in June 2019, Libra has had a tough time gaining approval from politicians and the U.S. Securities and Exchange Commission.

In Europe, both German and French government ministers have been vocal about the proposed cryptocurrency and agreed to block it last year. 

On Thursday, Switzerland's Financial Market Supervisor said it has received an application from Facebook's Libra Association for a payment system license, according to Reuters. 

Facebook shares were down 0.41% at $176.25 at the close Thursday. The stock has a 52-week range between $224.20 and $137.10.

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