Libra Being Considered to Become a Payment Network Accepting Multiple Coins
March 6, 2020 – Libra, the cryptocurrency that Facebook intended to become the single global digital currency, is about to have a repurposing if Facebook and its partners have their way.
Bloomberg reported that Facebook and its partners are considering whether to abandon Libra’s intended purpose and instead become a global payment system. In this redesign, Libra will accept multiple coins, including legal tenders of countries like the US Dollar or Euro. Bloomberg also said this redesign could still change but it is still different from the original vision for Libra.
The website further argues that if Libra becomes a payment network, it will be similar to Paypal and other fintech startups. If that’s the case, then there won’t be much difference in terms of fees and structure from the existing payment networks. Facebook could be banking on its billions of users who have its apps on their phones to push this through.
Upon the announcement, Libra has faced opposition, particularly from the US government. Pressure mounted, culminating on the departure of key partners Visa, Mastercard, etc, in the Libra Association. Only 20 of the 28 original members are still in the association.
Source: Bloomberg
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