Firstpost
  • Home
  • Video Shows
    Vantage Firstpost America Firstpost Africa First Sports
  • World
    US News
  • Explainers
  • News
    India Opinion Cricket Tech Entertainment Sports Health Photostories
  • Asia Cup 2025
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
Trending:
  • Nepal protests
  • Nepal Protests Live
  • Vice-presidential elections
  • iPhone 17
  • IND vs PAK cricket
  • Israel-Hamas war
fp-logo
Facebook is open to use a stablecoin instead of a synthetic unit for Libra
Whatsapp Facebook Twitter
Whatsapp Facebook Twitter
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
  • Home
  • Tech
  • News & Analysis
  • Facebook is open to use a stablecoin instead of a synthetic unit for Libra

Facebook is open to use a stablecoin instead of a synthetic unit for Libra

Reuters • October 21, 2019, 12:23:37 IST
Whatsapp Facebook Twitter

Facebook is open to looking at alternative approaches for the currency token it would use, says project head.

Advertisement
Subscribe Join Us
Add as a preferred source on Google
Prefer
Firstpost
On
Google
Facebook is open to use a stablecoin instead of a synthetic unit for Libra

Facebook Inc, **facing growing skepticism** about its digital currency project Libra, on Sunday said the initiative could use cryptocurrencies based on national currencies such as the dollar, instead of the synthetic one it initially proposed. David Marcus, who heads the Libra project for Facebook, told a banking seminar the group’s main goal remained to create a more efficient payments system, but it was open to looking at alternative approaches for the currency token it would use. “We could do it differently,” he said. “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,” Marcus told the panel. “We could definitely approach this with having a multitude of stablecoins that represent national currencies in a tokenized digital form,” he said. “That is one of the options that should be considered.” [caption id=“attachment_7528761” align=“alignnone” width=“1024”]Image:Reuters Marcus told Reuters that Facebook was still aiming for a June 2020 launch of Libra. Image:Reuters[/caption] Marcus said he was not suggesting currency-pegged stablecoins were the group’s new preferred option. “What we care about is the mission and there are a number ways to go about this,” Marcus told Reuters after the panel, adding that the Libra needed to “demonstrate a lot of agility.” The Facebook-led project suffered severe setbacks earlier this month, as major payment companies Mastercard Inc and Visa Inc became the **latest partners to quit** the group behind the project. Other key members that have pulled out included Stripe, eBay Inc and Booking Holdings Inc and PayPal Holdings Inc . Global policymakers and regulators have also worry that creation of a new synthetic global currency could upend the global financial system, threaten users’ privacy, and facilitate money laundering. Group of 20 finance leaders on Friday agreed to set strict regulations on cryptocurrencies and said such stablecoins should not be issued until various global risks were addressed. Marcus told Reuters that Facebook was still aiming for a June 2020 launch of Libra, but acknowledged it could miss that target due to regulatory hurdles. “We’ll see. That’s still the goal,” Marcus told Reuters when asked if the recent departure of several major partners from the project would delay the planned 2020 launch. “We’ve always said that we wouldn’t go forward unless we have addressed all legitimate concerns and get proper regulatory approval. So it’s not entirely up to us,” he said.

Tags
facebook digital currency WorldBank national currencies Facebook Libra Stablecoins
End of Article
Latest News
Find us on YouTube
Subscribe
End of Article

Top Stories

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Who is CP Radhakrishnan, India's next vice-president?

Who is CP Radhakrishnan, India's next vice-president?

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Who is CP Radhakrishnan, India's next vice-president?

Who is CP Radhakrishnan, India's next vice-president?

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Top Shows

Vantage Firstpost America Firstpost Africa First Sports
Latest News About Firstpost
Most Searched Categories
  • Web Stories
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Tech/Auto
  • Entertainment
  • IPL 2025
NETWORK18 SITES
  • News18
  • Money Control
  • CNBC TV18
  • Forbes India
  • Advertise with us
  • Sitemap
Firstpost Logo

is on YouTube

Subscribe Now

Copyright @ 2024. Firstpost - All Rights Reserved

About Us Contact Us Privacy Policy Cookie Policy Terms Of Use
Home Video Shorts Live TV