Facebook denies reports it is backing away from Libra cryptocurrency
Facebook is poised to shelve its own Libra cryptocurrency proposal, two media reports indicate. But Facebook says it remains committed to the project.
A new report from The Information, citing "three people familiar with the matter," says that Facebook has decided not to support the new virtual currency in its own products. Instead, Facebook will offer users the ability to make payments using conventional currencies like the dollar and the euro. The rollout of Facebook's expected digital wallet software will also be delayed by "several months," The Information reports.
Bloomberg also talked to "three people familiar with the matter" but described the situation differently. According to Bloomberg, Facebook and its partners are "weighing a recast of Libra as mostly a payments network that could operate with multiple coins."
