The Future of Money: Libra’s scope seems to be downgraded – what I have been reading this week

It appears that Facebook’ Libra project is downgraded and more aligned with the requirements of regulators all over the world.

According to the Financial Times:

“the association outlined plans to offer a set of digital versions of single currencies, such as a Libra dollar or a Libra euro, that would be fully backed one to one by cash or cash equivalents, plus support from a capital buffer….The shift follows a backlash from US watchdogs over its initial proposals to create a synthetic coin backed by a basket of currencies, which prompted concerns about foreign exchange risks and raised questions as to how such a basket would be weighted. Libra said it was still aiming to create a “multi-coin currency”, though this would be a “digital composite” of some of its existing single-currency coins.” 

https://www.ft.com/content/23a33fcb-1342-4a18-be39-504e8507f752

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