Libra Association Overhaul Plan, Concedes to Regulators

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The Libra Association is withdrawing from its initial plan of a single digital currency backed by a pool of national currencies, in an attempt to satisfy international regulators.

The group that Facebook organized last year is now preparing to create a range of Stablecoins each representing a different national currency.

One libra token, for instance, maybe assigned to the US dollar, the other to the euro, and so forth.

Libra also plans to launch a Stablecoin multi-currency, however, it will remain guaranteed by the latest Stablecoins, instead of through conventional currencies stored primarily in a bank. The latest template may restrict the versatility of Libra, as attaching (or removing) currency from the bundle involves additional digital token to be released (or removed).

The transition, revealed Thursday, provides a significant compromise to governments and central bankers across the globe who expressed outrage at the initial Libra plan, mainly out of fear that it would weaken their financial independence.

Sovereign Stablecoins Introduced to Appease Regulators
Initially, Libra intended to develop a Stablecoin supported by a currency basket and U.S. Securities from the trusts. The arrangement was changed today in consideration of hosting many Stablecoins serving sovereign fiat currencies. The association’s concession is certainly an effort to reassure governments worried regarding developing a worldwide Stablecoin with 2.5 billion people in-built potential client base.

The development comes days since central banks were given guidelines by the Financial Stability Board highlighting strong reservations regarding the current risk to economic security raised by Stablecoins.

The Guideline further answers questions initially raised when Libra the year before revealed its goals. Libra would also issue a multi-currency Stablecoin, but its current fiat-pegged Stablecoin basket would back it up alternatively.