Libra reinvents itself in bid to overcome ‘fatal’ flaw
Pivot to present more of a payment-network image could save libra from regulatory haranguing
In September 2019, David Marcus, chairman of Facebook’s cryptoassets arm, set out to debunk the notion that a new ‘currency’ called libra could threaten the sovereignty of nations when it comes to money. Marcus said libra was designed to be a payment network that would be superior to those that currently exist and would operate with ‘one-for-one backing’ of a ‘basket of strong currencies’.
In effect, libra would exist by being supported by an equivalent value in its reserves and no money would
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