Facebook Inc. (NASDAQ:FB) is changing for its cryptocurrency project, Libra, after months of political push back and strict regulatory pressure.
Facebook changes the approach of developing Libra token
The company has indicated that it has shelved plans of making the Libra token a centerpiece of its payments strategy. However, the company now wants to change its approach to support the existing central bank-backed currencies such as the US dollar and the Euro as well as the Libra crypto once it is completed and ready for launch.
Equally, according to reports the company is also deferring the anticipated launch of its Calibra digital wallet that was expected to be the showcase for Libra. The digital wallet allows anyone owning a smartphone to acquire and store the token and then use it in paying for various goods and services. The wallet will be supporting various currencies, including Libra.
Initially, Facebook planned to launch Calibra in summer but has now pushed it to October. However, instead of the wallet being available across the globe once it launches, it might be limited to the government-backed currencies that Libra will be supporting within the app.
Calibra wallets to be available to Facebook, WhatsApp, and Messenger users
Interestingly, Calibra’s main features, which include storing and transfer of money, will be coming to both WhatsApp, Facebook, and Messenger. Nevertheless, it is still unclear when they plan to roll out the same, but it might be after the October launch of Calibra.
According to a Facebook spokesperson, it is incorrect for people to say that the company does not plan to offer its Libra token in the Calibra wallet. The spokesperson affirmed that the company is committed to the Libra project.
Facebook announced last year that it partnered with other companies that formed the Libra Association to work on the digital token. The Libra token was designed to look like other cryptocurrencies but with some basic differences to make it a stable asset. It was to be supported by a blockchain network that will act as a tool for verifying transactions.