Financial Times reported on Friday, citing three unidentified folks concerned within the venture.
The Geneva-based Libra Association that can situation and govern Libra plans to launch a single digital coin backed by the greenback, the report stated, citing one of many folks.
The transfer would signify an excellent greater scaling-back of the venture’s ambitions than that proposed in April in response to a regulatory and political backlash in opposition to the venture.
Libra, unveiled by Facebook final 12 months, was relaunched in slimmed-down type after regulators and central banks the world over raised considerations it might upset monetary stability and erode mainstream energy over cash.
The Libra Affiliation, of which Fb is certainly one of 27 members, is searching for the go-ahead from Switzerland’s markets watchdog to situation a collection of stablecoins backed by particular person conventional currencies, in addition to a token based mostly on the currency-pegged stablecoins.
But beneath the physique’s new plan, different cash backed by conventional currencies, in addition to the composite, could be launched at a later date, the report stated.
The Libra Affiliation didn’t instantly reply to a request for remark. FINMA, the Swiss regulator, didn’t
elaborate beyond a statement in April confirming receipt of Libra’s utility for a funds licence.
Stablecoins are designed to keep away from the volatility typical of cryptocurrencies comparable to bitcoin, making them in concept extra appropriate for funds and cash transfers.
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