Libra Scales Back Global Currency Ambitions in Concession to Regulators
The Facebook-spawned Libra Association has scaled back its original vision of a global digital currency backed by a basket of fiat currencies.
In the run-up to launch, libra's digital wallet subsidiary has been given a new look and a new name: Novi, which means "new way."
A detailed chronology of Libra's journey from a skunkworks inside Facebook to a potential global monetary game-changer to a shadow of its former self.
Libra's most vexing challenge may be juggling inclusion and compliance. But policy chief Dante Disparte says the project is not giving up on reaching the unbanked.
Heifer International has joined the Libra Association, just days after the group modified its stablecoin vision to focus on a series of single-currency tokens rather than one basket-backed version.
Rep. Sylvia Garcia's comments suggest libra's roots as a Facebook initiative remain a political liability despite the consortium's steps to sate critics.