1 August 2026
Facebook Is Rolling Back Its Digital Currency Project Libra
The most controversial digital currency Libra of Facebook is soon going to scale back. The decision was made after financial regulators expressed their concern towards how Libra will make governing money more difficult.
Since Facebook announced the launch of cryptocurrency Libra in June 2019, it has been a trending topic. Libra has received many criticism and drawbacks throughout the regulators in the world. The financial authorities from all over the world believed that Facebook cryptocurrency could weaken the role of central banks and can lead to money laundering.
David Marcus, the co-founder of Libra, shared this news on Twitter stating that Facebook has been only giving 10% funds for crypto and also has distanced itself from Libra. He mentioned some of the major changes in Libra that will include the creation of single currency stablecoins in addition to Libra Coin. He also added that since the announcement of the project, the members of the Libra Association have stepped up in a big way. He noted that he was happy to see how the organization became operational and increased its independence.
In a series of tweets, David Marcus reveals that now they have a comprehensive network-level system around anti-money laundering (AML), Combatting the Financing of Terrorism (CFT), and sanctions enforcement. It is also said that the company will be registered with the US Treasury’s Financial Crimes Enforcement Network as a ‘money services business.’
The big names that were the part of Libra Association include, PayPal, Stripe, eBay, Visa, and Mastercard has stepped out of the project when Libra faced several criticisms from regulators and Mark Zuckerberg had to testify in front of the US congress. Although the date of the launch of the project is still not disclosed.
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