You are here

Facebook to scale back on its Libra plans: The Information

nz_fb_040320.jpg
Facebook Inc will scale back on its plans for Libra global digital currency and will not make it available on its own services for now amid regulatory scrutiny, The Information said on Tuesday.

[BENGALURU] Facebook Inc will revamp its plans for digital currencies amid regulatory scrutiny, The Information reported on Tuesday.

The company will offer digital versions of government-backed currencies including the dollar and euro, as well as its proposed Libra currency, when it launches its digital wallet, the report added, citing people familiar with the matter. 

The Information earlier reported that Facebook would not make Libra available on its own services but later corrected its article.

A Facebook spokesman confirmed to Reuters that the company was working on digital versions of government-backed currencies and said it was still planning to offer the proposed Libra token as well.

Facebook announced in June last year a plan to launch Libra in partnership with other members of the Libra association, but the project quickly ran into trouble with skeptical regulators around the world.

REUTERS

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes