Libra stablecoin project has changed their whitepaper to adjust the new reality that they are facing, and since they have been battling for acceptance in the monetary system around the world and with strong defensive Regulations issues about the project that took even the G20 to open recommendations about the risks of Global stablecoin, was time to change strategy!
Facebook Libra source image here.
This Thursday the Libra association released it newly-revamped white paper, where the Head of the project confirmed that the LBR project will be now a composite of the various currencies that it could be backing meaning, the new whitepaper assure that they will try to find support in the new bunch of Central Bank Digital Currencies that are being created and could also operate in their network! The new strategy is clear has they have been struggling to get regulate in the old format they had, the new one will be official linking them with the new wave of CBDC being created for Governments, turning LBR not anymore a stablecoin but part of this CBDC's.
Zuckerberg and his formed Team of LBR are appealing and now, if anyone was in doubt about their centralised way of operation now is certain that they become, to me, a hell no project, not trustable and with obscure Agenda on Mind!!
Could we say now it as government instrument to control all financial data for users?! Or they just desperate to be on market?!
The future will tell more about this project but seems to a crypto supporter as me it won't bring anyhing new to the ecosystem!
*republished article original can be found at Uptrennd platform from my authorship.
**Header image from Pixabay with rights for commercial use here.
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