Facebook Libra Updates Its White Paper to Impress Regulators

Facebook Libra Updates Its White Paper to Impress Regulators

Social media company Facebook is trying to impress regulators with changes to its cryptocurrency offering-Libra. The company is planning to launch multiple stablecoins instead of just one global cryptocurrency.

Making changes to the white paper

Facebook has been facing regulatory criticism from around the world ever since it announced the Libra crypto coin last year. Now, the company has updated the whitepaper on, the official website of the project. The amendments were approved by members of the Libra Association.

Facebook Libra Updates Its White Paper to Impress Regulators

Though the whitepaper has several changes, the biggest one is their approach to bringing a single cryptocurrency to the world. According to the amendments, the Association will now focus on creating multiple stablecoins, instead of launching one coin for the entire world. The members of the Libra Association are redesigning their proposed digital currency so that it does not compete with sovereign currencies or interfere with the monetary policy of a nation.

The project will begin with four stablecoins pegged individually to cornices that were earlier considered to be a part of the LBR basket. This means a LibraUSD coin, a LibraEUR coin, a LibraGBP coin, and a LibraSGD coin will come into existence. Each of these currencies will be backed by reserves of cash or cash equivalents and government securities of the fiat pegged to coin.

An effort to woo regulators

Regulators have been unhappy with Facebook’s approach and some have even called out the company’s ambition to run a global financial system that could threaten the existing financial markets. Libra was originally planned as a single stablecoin backed by fiat that could be used to send money anywhere with ease.

However, the new Libra design doesn’t make it any better than other payment networks like PayPal. Several fintech firms already operate in this sector and provide support for multiple coins and currencies which can be used for making transfers around the globe. Yoni Assia, co-founder and CEO of eToro commented, “The main downside of these changes is that the system is less open and less decentralized, therefore the bitcoin community will probably disregard this as another centralized project.”

The Libra Association hopes that the new approach will support a wider range of domestic use cases and provide a clearer path for CBDC integration. The project will also get a better compliance framework, building robust protections for the Libra Reserve and forgoing the transition to a permissionless system.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies

Visit Site
75% of retail investors lose money.
eToro Reviews

    eToro Reviews your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees

    Visit Site
    80.5% of retail investors lose money.
    Plus500 Reviews

      Plus500 Reviews your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Past performance is no guarantee of future results.

      Sherlock Gomes loves to write and express his views on anything related to Crypto. He has been covering Crypto for more than two years now. He likes Bitcoin and Cardano. He also writes on Finance, Healthcare, and Technology among other stuff. He can be reached by e-mail on