/biz/ - Business & Finance

>Co-creator of Calibra David Marcus has posted an update on Facebook's Libra project today. He has published a new whitepaper for the project which includes several major changes.

>The project will now focus on providing individual stablecoins for specific fiat currencies, such as USD, EUR and GBP, as well as its Libra Coin. Instead of being backed by a basket of fiat currencies, the Libra coin will now be backed by the stablecoins. Smart contracts will keep its price linked to the combination of stablecoins.

>The pivot has been made following a strong backlash by regulators. As Decrypt reported, global regulators called for the project to be stopped in its tracks.

>The Libra network will now also have a comprehensive anti-money laundering and anti-terrorist protocols. It will be able to enforce sanctions over coins on the network, under requests from law enforcement. As a result, the coin will no longer be permissionless.

https://decrypt.co/25776/facebooks-libra-to-launch-stablecoins-for-each-major-currency

>>15630648
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>>15592027
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