Libra still believes in multicurrency stablecoin - official

Wednesday, 08. July 2020 18:54

Libra's Director of Policy Julien Le Goc stated on Wednesday that Facebook’s future cryptocurrency did not abandon the idea of "the multi-currency stablecoin, drawing its DNA from the IMF’s special drawing fund, which remains an important design feature."

Speaking at the Global Digital Finance virtual summit, Le Goc explained that Libra is still focusing on becoming a borderless payment method for the unbanked people in the world, only it will be backed by single-asset stablecoins in the beginning and afterwards by the basket of fiat currencies as well.

Le Goc also noted Libra works on creating a new regulatory compliance framework in an "ongoing dialogue" with central bankers.

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Breaking the News / TF