Facebook's vision for a new cryptocurrency gets watered down as it attempts to woo regulators [CNBC]
Meta Platforms, Inc. - Class A (FB)
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Source: CNBC
A "Zuck Buck" is displayed on a monitor as David Marcus, the executive leading Facebook's blockchain initiative, is questioned by U.S. lawmakers in Washington, D.C., on July 17, 2019.Andrew Harrer | Bloomberg | Getty ImagesThe Libra Association, an independent group organized by Facebook to manage the libra crytocurrency, said itnow plans to offer stable coins backed by just one nation's currencyThe move represents a big change for libra, which Facebook originally pitched last year as an alternative global system that would make it easier to make digital payments no matter where in the world you are. The new proposed design for libra would make it more like standard digital payments services such as PayPal.The change also could ease some concerns among U.S. lawmakers who feared the new currency could compete with the U.S. dollar. The Libra Association also said it's taking steps to make the currency more secure and safeguard it from illegal activity like money laundering.David Marcus,
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