Facebook is scaling back its cryptocurrency project ‘Libra.’ Instead of trying to become the dominant global financial system, its new goals are less ambitious. Instead it will work as a layer on top of traditional fiat currency, much like Apple Pay.
The Libra Association said it had begun the process of getting regulatory approval for the payment network from the Swiss Financial Markets Supervisory Authority. To ensure that authorities around the world are on board, the Swiss agency is working with a “college” of regulators from over 20 countries. The association said it still aimed to bring the system live this year.
A good move by Facebook, in part because there was always going to be strong opposition to Libra. You might work with the government in some aspects, but you don’t mess with its money. And ultimately it’s still a way to compete with the likes of PayPal, Google Pay, and Apple Pay.c