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No longer is the group focused on making Libra the basis of a new global financial system where Facebook could play the roles of a central bank and Wall Street. The Libra project will now focus on creating a more traditional payment network in which coins will be tied to a local currency, somewhat like the digital dollars in a PayPal account.
“The feedback is not at all in vain, including the criticism,” said Dante Disparte, the vice chairman and head of public policy at the Libra Association. “What we are trying to demonstrate is that it is now being incorporated in the project.” 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.
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