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Social media company Facebook, Inc. has revamped its digital currency plans and it now includes government-backed currencies, The Information reported.
Facebook is reportedly planning to offer digital versions of government-backed currencies including dollar and euro when it launches its digital wallet. But it will still push Libra, a permissioned blockchain digital currency, despite the intense regulatory pressure hitting the project for months.
A Facebook spokesman confirmed to Reuters that the company was working on digital versions of government-backed currencies. In addition to this, the representative verified that it was still planning to offer Libra.
“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,” a Facebook representative said in a statement that was given to The Verge.
The Information reported earlier that Facebook was no longer planning to support Libra token in its digital wallet Calibra. The Libra project was first announced in June 2019. It was a bold move that aimed to revolutionize money transfers.
The Libra project had two parts, the Libra token and the blockchain network that would be the technical foundation of the token and the tool for verifying transactions and token ownership. Facebook anticipated some scrutiny and decided to create a non-profit group Libra Association, of which Facebook and its Calibra subsidiary would represent only one member.
Crypto prime broker Tagomi has recently joined Facebook’s Libra Association. The company confirmed this on Twitter.
“We're excited to become a member of @Libra_ , sharing a common mission to expand financial inclusion. We believe the Libra project is poised to create a simple, inclusive, and global payment system that will empower billions of people left out of the global economy,” Tagomi wrote.
E-commerce company Shopify also joined the association. Following the partnership, Shopify promised that they would work together to build a payment network that would support easy money access to both merchants and consumers worldwide.
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