March 4, 2024

Libra can create a payment system from several stablecoins

Libra can create a payment system from several stablecoins

Facebook, which is developing the Libra coin, is ready to launch a payment system based on severalstablecoins provided with different fiat currencies.

This was reported by Reuters, citingstatement of the head of the Libra project, David Marcus. In fact, Facebook is striving to create a global payment network, and several cryptocurrency projects will be able to use it, Markus emphasized during his speech at a banking seminar.

He said:

"We could have a series of stablecoins pegged to the dollar, the euro, the pound sterling, etc."

If regulators are willing to accept such a plan,then Facebook easily integrates it into its crypto project. Initially, the developers were ready to provide their token with a basket of currencies in the composition of the American dollar, euro, Japanese yen, British pound and Singapore dollar.

But now they can change their plan if this allows to accelerate the implementation of the appropriate base for launching the payment network, the head of Libra summed up.

It is also worth noting that recently, under pressure from regulators, several financial companies, including Visa, PayPal and MasterCard, were forced to leave the Facebook crypto project.