Facebook is changing plans for its Libra cryptocurrency following strong pressure from regulators in the US and the EU. The company does not intend to terminate the project. On the contrary, Facebook is searching for the alternative ways of using various cryptocurrencies, including national ones. Such an attractive offer may appeal to many countries. Facebook is expected to support both existing government-backed currencies, like the US dollar and the euro, and the Libra token. Under these circumstances, the company is delaying the launch of its Calibra digital wallet which was to be a primary store for the Libra technology. The wallet will now support multiple currencies. Calibra allows anyone with a smartphone to acquire, convert, and store cryptocurrencies and then pay for various goods and services with them. At the same time, the regulators’ arguments against Libra look odd. They want to ban the project simply because Libra is a very attractive payment instrument. However, if stablecoin gains global recognition, it is likely to threaten the traditional financial system and jeopardize monetary sovereignty and monetary policy, security and efficiency of payment systems, financial stability and private competition.
