Libra, having faced extreme scrutiny from regulators, has reportedly decided to turn its sight to a more regulatory-friendly zone: national currencies. Reuters reported on Sunday that Facebook is currently considering pegging the Libra cryptocurrencies to national ones. One option is the dollar.
The main goal of Facebook is to develop a more efficient payments system. Therefore, different options are considered when it comes to creating such a system. David Marcus, the project lead for Libra, shared this during a banking seminar on Sunday. Apparently, the tech giant is looking at alternatives for the token Libra would use.
Marcus shared the following, as reported by Reuters:
We could do it differently. Instead of having a synthetic unit … we could have a series of stablecoins, a dollar stablecoin, a euro stablecoin, a sterling pound stable coin, etc.
At this point, Mr. Marcus shared that he was not suggesting that currency-pegged stablecoins are Facebook’s preferred new alternative, however.
After much attention from Congress and the possibility for the project to be delayed, major partners have left the Libra project including: PayPal, Stripe, Booking, eBay and others.
Regarding the issue of whether Libra will get delayed, Zuckerberg is very eager to launch the entire project sooner. Therefore, he is now willing to travel more extensively and face the US Congress.