Facebook Abandons Plan to Launch Global Digital Currency
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A nonprofit association called the Libra Association has announced the update of the initial Libra currency whitepaper.

According to a published announcement, the association has made changes to its initial approach, many of which depart from the approaches taken by other distributed ledger projects.

"The Association’s goal was never to emulate other systems, but rather to leverage the innovative approach of using distributed governance through Association Members and distributed technology to create an open and trustworthy system," the announcement highlights.

Hence, the association decided to allow other financial institutions to leverage Facebook's efforts to build financial applications. This means that instead of offering single-currency global stablecoin, Libra will focus on a platform for the multiple digital coins that would reportedly be pegged to fiat currencies 1:1.

In addition to Libra Coin (≋LBR), Facebook will also extend the basket of stablecoins with other assets (e.g., LibraUSD or ≋USD, LibraEUR or ≋EUR, LibraGBP or ≋GBP, LibraSGD or ≋SGD).

The Crypto Community is Boycotting Facebook

After the regulators' criticism, Facebook says it decided to give up the idea of a permissionless system.

Earlier iHodl reported that Facebook was considering including national digital currencies in its Libra project.

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