In the face of continued resistance from regulators and politicians worldwide, Facebook is said to be reconsidering its plans for the Libra cryptocurrency.

Apparently, the Libra Association (the consortium of tech companies managing the project, including Facebook, Lyft, Spotify and Shopify) is now contemplating a system that uses digital versions of fiat currencies, including the US dollar and euro.

Despite the reported rethink, with the social network’s Calibra wallet expected to launch in autumn, Facebook and the Libra Association have said they remain “fully committed” to the Libra project.

In a statement, Head of Policy and Communications at the Libra Association, Dante Disparte, said:

“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.”

AYO.NEWS says:

With the Libra Association losing so many major backers over the past few months, including Vodafone, Visa, Mastercard, eBay, and PayPal, it seemed inevitable that it would have to rethink its original plans. If plans are watered down so that it just becomes a digital payment system for existing fiat currencies, its hard to see it being the revolution Facebook had promised.

AYO.NEWS says features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited.

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