Facebook is shifting its Libra cryptocurrency plans after intense regulatory pressure

Facebook is altering its plans for its Libra cryptocurrency project following months of severe regulatory pressure and political pushback, according to a new report from The Information published on Tuesday.

According to the report, Facebook no longer intends to make the Libra token — the actual blockchain-based cryptocurrency it’s in the process of developing in partnership with the nonprofit Libra Association — the centerpiece of its digital payments strategy. Instead, Facebook’s Libra project will reportedly transition to supporting both existing government-backed currencies, like the US dollar and the euro, and the Libra token when it is eventually completed and ready to launch.

Additionally, The Information says Facebook is...

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