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No, we are not killing Libra – Naked Security


Facebook denies that it’s cringing away from its virtual currency plans due to the fact that regulators loathe it, saying that it “remains fully committed to the project.”

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. The Information also reported that Facebook will still launch a digital wallet to enable users to make purchases and send and receive money, but that the rollout would be delayed by several months.

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.

A Facebook spokesperson sent this statement:

Reporting that Facebook does not intend to offer the Libra currency in its Calibra wallet is entirely incorrect. Facebook remains fully committed to the project.

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.

Dante Disparte, head of policy and communications for the Libra Association, sent out this statement:

The Libra Association has not altered its goal of building a regulatory compliant global payment network, and the basic design principles that support that goal have not been changed.

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