Facebook to scale back on Libra, to offer currency-backed digital asset


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Facebook to scale back on Libra, to offer currency-backed digital asset

On Tuesday, the 3rd of March 2020, a San Francisco, CA-based subscription-only digital media, The Information said in a report that the global social networking tycoon, Facebook Inc. had been shelving its planned blockchain-based crypto project, Libra, headquartered in Geneva, while the American digital media had also added that Facebook had been mulling an option to bring in physical currency-backed digital assets which could be used in its platforms citing sources familiar with the issue who wished to remain anonymous.

Aside from that, Tuesday’s (March 3rd) The Information report was also quoted one of the sources as saying that Facebook Inc., owner of the four out of top six global internet service provider such as Facebook, Facebook Messenger, Instagram and WhatsApp, would be proposing government-baked hard currencies such as dollar and euro to back its proposed Libra currency, which could be used at its digital wallet as beforementioned.

In tandem, followed by the reveal of The Information report, a Facebook spokesman had also confirmed the issue saying that the company had been sketching out a plan to offer a digital version of government backed currencies, nonetheless, the Facebook spokesman neither declined nor acknowledged whether the company were seeking to ditch out its blockchain-based Libra crypto token as planned earlier.