Facebook-Backed Libra Pares Back Launch Plan

Law360, London (April 16, 2020, 9:46 PM BST) -- The Libra cryptocurrency project, backed by Facebook, has been scaled down after its governing body announced plans Thursday to tie digital coins to single currencies and roll out the system in phases.

The Libra Association, a Geneva-based group of influential companies backing the project, updated its Libra white paper after a raucous 2019 in which legislators and regulators around the globe took aim at the project over fears the new cryptocurrency could destabilize global financial markets.

“We hope to work with regulators, central banks, and financial institutions around the world to expand the number of single-currency stablecoins available on the Libra...

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