First, the Libra Association underwent a radical overhaul in an attempt to make Facebook’s controversial stablecoin project more palatable to investors. Now, the embattled social network’s cryptocurrency wallet, Calibra, is getting a new name, too.
By hiring Stuart Levey the Facebook-founded Libra Association is announcing that compliance—with central bankers, financial regulators, tax authorities, and criminal and intelligence investigators—will be a prime driver as it moves forward.
After receiving a fierce and unequivocal pushback from regulators worldwide, an embattled Libra Association now plans to offer digitized versions of single currencies—paving the way for a Libra dollar (LibraUSD), Libra euro (LibraEUR), and Libra pound (LibraGBP) in addition to the Libra payment token (≋LBR).
The World Economic Forum has established a global consortium focused on creating a framework for the governance of digital currencies, including government-backed stablecoins pegged to an underlying asset, such as the yen, euro or the U.S. dollar.
