After several months of rejections from regulators and governments around the world delaying the Libra’s implementation, the project has changed course
The co-creator of Calibra, David Marcus, announced an update on the development of Libra and released a new one White paper with significant changes to the support for this Facebook-promoted coin.
The new document announces the addition of several important changes, including the provision Stable coins for individual fiat currencies like USD, EUR and GBPOf course there is also the organization’s own currency, the Libra.
This new pound currency is secured by this Stable coinsso that it always maintains its value in combination with the combination of stable currencies and not, as previously announced, through a basket of fiat currencies.
To prevent money laundering or its use for terrorist actions, the Libra network will enforce this all demands of the police who require it, and their operations are monitored and authorized to protect their consumers as much as possible.
Marcus expressed the following via Twitter:
Excited about the progress of @Libra_ in the past 9 months. I keep thinking of all the people and small businesses that could benefit from the Libra network being up and running – especially now in times of unprecedented need. 1/8
– David Marcus (@davidmarcus) April 16, 2020
Excited about @Libra_’s progress over the past 9 months. I keep thinking of all the people and small businesses that could benefit from the functioning of the Libra network, especially now in times of unprecedented difficulties
The Libra currency has also applied for a payment license with Swiss Financial Market Authority (FINMA)to streamline and publicize payments efficiently and credibly to users.
FINMA has already confirmed the updated application, which contains additional requirements for the service, thereby maintaining strict national and international standards for the payment infrastructure and thereby combating money laundering and other irregular uses for which it works with the service Swiss National Bank and several central banks worldwide in the Libra project.
In early March, we released a note on a Bloomberg report explaining the possible turnaround for the Libra project due to rejections from various regulators and governments around the world.
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