Facebook to Revamp Its Digital Currency Plans Amid Regulatory Scrutiny: Report

Facebook to Revamp Its Digital Currency Plans Amid Regulatory Scrutiny: Report

Facebook 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 sceptical regulators around the world.

© Thomson Reuters 2020

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