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Facebook may launch multiple fiat-pegged cryptocurrencies instead of synthetic unit

By Yana Berman

As Libra suffers severe criticism, Facebook is developing other options to launch it

Facebook's David Marcus, who is leading the Libra project, revealed that the company could have multiple fiat-pegged cryptocurrencies instead of a synthetic one, Reuters reports.

Marcus took part in a banking seminar and answered questions about the crypto project. He revealed that the stablecoin tied to the basket of multiple assets is no longer the main option: “We could definitely approach this with a multitude of stablecoins that represent national currencies in a tokenised digital form.”

He further explained that Libra could have "a series of stablecoins, a dollar stablecoin, a euro stablecoin, a sterling pound stable coin, etc."

According to Marcus, the Libra project needs to demonstrate a lot of agility to launch the project.

Facebook revealed its highly anticipated cryptocurrency Libra in June. The blockchain ecosystem for Libra is set to launch in the first half of 2020, along with the company’s own crypto wallet Calibra.

Initially, over 25 major companies, such as Visa, Uber, MasterCard, eBay, PayPal, and others, joined Libra Association. However, due to the regulatory pressure both in US and EU payment systems and booking companies withdrew from the project.

Tokenised securities are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how tokenised securities and leverage work and whether you can afford to take the high risk of losing your money. Nothing in the above article should be regarded as a recommendation to trade generally, to trade on a particular platform or to trade in a particular asset. Asset prices can go down as well as up and past performance is not a guide to future performance. Investors and traders should thoroughly research an asset or strategy before making any trading or investment decision and if necessary seek professional advice.

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