Facebook will change plans for its cryptocurrency Libra

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Facebook will change plans for its cryptocurrency Libra

Facebook’s Libra cryptocurrency project has been in “cod waters” and has not yet been officially launched. According to The Information, the project will change slightly, starting to support not only cryptocurrencies but also conventional currencies such as the US dollar and the Euro.

Therefore, Libra could become just a digital payment service from Facebook, compatible with all currencies and not just Libra. Even so, the company seems not to have given up on launching the cryptocurrency, with Calibra, the virtual “wallet”, where users can store the coins.

The Information also said that Facebook’s plan is to allow anyone with a mobile phone to purchase and save the Libra cryptocurrency, and can subsequently make payments around the world with it.

Libra’s development has been troubled

A few months after Facebook announced the Libra project, the company was sued by Current, a start-up bank. Current claimed that the Libra logo is extremely similar to the bank’s. Let’s face it, it does look like a blatant copy.

In addition, several companies that supported Libra in the beginning like eBay, Paypal, Visa and Mastercard withdrew their support for the project, severely damaging the stability of the cryptocurrency. Allegedly, the aforementioned companies were concerned about the accusations of anti-competitive practices, brought to Mark Zuckerberg.

Therefore, to avoid any “splash” of controversy, the companies decided to “jump off the boat”. It is important to note that Facebook is constantly involved in controversies, related to the way in which they share user data, or lack of transparency of that same use.

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