Facebook Plans to Launch a Significantly Scaled-Back Libra Following Pushback [TheStreet.com]
Meta Platforms, Inc. - Class A (FB)
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Source: TheStreet.com
Facebook is moving ahead with Libra, its planned digital currency, albeit in a much less ambitious form.Libra will launch between mid-November and December of this year, the Libra Association, the currency's governing body,told reporters(PYPLGet ReportFacebook shares rose 1% on Friday to $177.98.“We’re retaining the construct of a multi-currency Libra, but it’s fundamentally changed, streamlined and simplified relative to the original one," Christian Catalini, head economist at Calibra, Facebook's digital wallet that will use Libra, told Reuters.In lieu of a digital coin backed by a basket of currencies, as was originally proposed, Libra will consist of "stablecoins" backed by individual currencies such as the dollar or euro. It will be offered via WhatsApp and Messenger, and serve as one means of peer-to-peer payments that Facebook is prioritizing in the coming years.The coronavirus pandemic, which is expected to damage digital advertising revenue, suggests a new urgency to Facebook'
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