December 10, 2023

Libra will launch its own payment system

Libra will launch its own payment system

Facebook management is considering revising the Libra project model in favor of a payment system rather thanseparate digital currency.

According to Bloomberg, the new Libra system will work with digital versions of existing currencies, including the dollar and euro.  

The head of communications at the Libra Association said:

The association has not changed its goals. We are trying to create a global payment network that complies with all regulatory standards.

As reported, Libra was originally designedas a stablecoin backed by a basket of assets – dollar, government bonds, euro, etc. However, Facebook's plan to create a currency almost immediately met with stiff resistance from regulators. 

Representatives of many central banks alsospoke out against the launch of stable currency Facebook. According to them, the launch of Libra could have extremely negative consequences for the global financial system.

Nevertheless, the leadership of the Libra Association does not abandon its plans. At the end of last year, they published a second roadmap that described the future direction of the project.

Based on