Facebook open to physical-currency backed stable coins for Libra


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Facebook open to physical-currency backed stable coins for Libra

On Sunday, the 20th of October 2019, Facebook Inc., the Silicon Valley Goliath headquartered in Menlo Park, CA, which had been facing off growing grudges over its Geneva based digital currency project, Libra Association, launch of which had already been delayed twice amid growing scepticism from financial policymakers across the globe, said that the owner of four out of the top six internet services such as Facebook, Facebook Messenger, WhatsApp and Instagram, could use national currencies likes of American dollar for its Libra project instead of an entirely blockchain-based synthetic one.

Meanwhile, adding that the Geneva-based Libra Association’s key goal had been to create a more effective mainstream payment system, but for the moment being it had been looking to alternatives such as physical-currency tokens over the narratives of a growing number of criticisms over its proposed digital current, head of Libra project for Facebook Inc., David Marcus said in a banking seminar on Sunday (October 20th), “We could do it differently.

Instead of having a synthetic unit ... we could have a series of stablecoins, a dollar stablecoin, a euro stablecoin, a sterling pound stable coin, etc. We could definitely approach this with having a multitude of stablecoins that represent national currencies in a tokenized digital form. That is one of the options that should be considered. ”