Security News > 2020 > March > Facebook: No, we are not killing Libra

On Tuesday, multiple reports suggested that Facebook has decided not to support its Libra virtual currency in its own products and will instead offer users the ability to make payments with government-issued currencies, or that the platform and its partners are weighing whether they should recast it as mostly a payments network that could operate with multiple coins.

According to a report from The Information that cited three sources, Facebook has been mulling offering digital versions of currencies such as the US dollar and the euro, in addition to its proposed Libra token.

On Tuesday, Facebook moved to quash both The Information's claims and another report from Bloomberg about Libra turning into a payments network that could operate with multiple coins.

Facebook didn't address many of the two media outlets' claims, including the reported delay in Calibra's rollout, whether or not it plans to create new digital government currencies, nor whether Libra might be reimagined as mostly a payments network that deals in multiple coins.

It's regulatory approval that's the biggest hurdle, given that Facebook has said that it won't launch Libra without the US government's OK. Latest Naked Security podcast.

News URL

https://nakedsecurity.sophos.com/2020/03/05/facebook-no-we-are-not-killing-libra/