The revised version of Libra is less controversial than the original project presented initially last year in June. Facebook made a big change in its strategy and features of the cryptocurrency to address the main objections of regulators and central bankers, according to Deutsche Bank. Over the last few months, Facebook has stepped aside as the face of Libra and Libra Organisation has been leading the project. David Marcus had asserted the Facebook has no special authority over Libra and the crypto project.
“Libra is not looking to compete with governments and central banks.”
Earlier when Facebook announced the crypto project, the social media giant had met with a lot of criticism from regulators around the world. Several central banks and financial authorities had claimed that the issuance of Libra would threaten the sovereignty of a country as issuing money is the sole right of central banks. However, Deutsche Bank now has said that the revised version of Libra is different with a lot more emphasis on just cheapening up payments instead of competing with governments and central banks by creating a parallel mode of payments.
Libra makes changes to its white paper.
Facebook has been subject to a lot of criticism since the social media giant announced the crypto project. Several members of the Libra organization abandoned the crypto project, including eBay, Stripe, Visa, and PayPal. Now after listening to regulators, Libra organization announced several changes to its white paper. Libra has changed its white paper to appease regulators all around the world. According to the Libra Association revised white paper, the new approach will create a transparent path for seamlessly integrating central bank digital currencies as they become available in different countries.
Earlier Facebook executive, David Marcus revealed that the Libra Association is now funded by its members with less than 10% of the funding coming from the social media giant, and has adapted its plans after discussing with key stakeholders globally.
