Facebook-led Libra scales back amid regulatory pressure


    The project’s governing association said it will launch “single-currency stablecoins,” based on sovereign currencies like the U.S. dollar, British pound or the euro, backed by reserves holding the equivalent in cash and short-term government bonds. The Libra digital currency itself will be backed by these new tokens, rather than a separate asset pool. The association also said a subsidiary is seeking regulatory approval for its payment network from the Swiss Financial Market Supervisory Authority (FINMA). (The Logic)

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