Social media company Facebook, Inc. FB is proceeding with its Libra initiative, but the initial vision of a single, synthetic digital currency could change, Reuters reported Sunday.
What Happened
Facebook's Libra digital currency project could consist of multiple cryptocurrencies that are pegged to leading currencies, including the U.S. dollar, according to Retuers.
This contrasts with the initial plan, which called for a synthetic digital currency.
The Facebook executive tasked with leading Lira, David Marcus, said during a recent banking seminar the company is considering "a multitude of stabelcoins" that could also be pegged to the sterling pound and euro.
The top priority is "the mission" for Libra to "demonstrate a lot of agility," Marcus reportedly said.
Why It's Important
Marcus' comments come at a time when Facebook's Libra has suffered multiple setbacks.
Most recently, a handful of key partners including Visa Inc V and Mastercard Inc MA confirmed they won't be playing a role in the digital currency.
Financial heavyweight JPMorgan Chase & Co. JPM CEO Jamie Dimon said Libra is a "neat idea that'll never happen."
What's Next
Marcus told Reuters the timeline of a June 2020 launch for Libra remains unchanged.
Prior to launch, the company will fully address "all legitimate concerns" and won't proceed unless it is backed by the "proper regulatory approval," he said.
Facebook shares were up 1.89% at $189.37 at the time of publication.
Related Links:
Germany Joins France In Pushing Back Against Facebook's Libra
Photo courtesy of Facebook.
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