The revised version of libra is less audacious and less controversial than the original project presented in June 2019 as Facebook made a big shift in its strategy to address the main objections of regulators and central bankers, per Deutsche Bank.
Key quotes
“The outcome of the product is different with a lot more emphasis on just cheapening up payments rather than competing with governments and central banks on creating a parallel means of payments. They are not planning to create a competitor to the euro, but a competitor to ways of paying in euro.”
“Facebook’s new approach will create a ‘clear path for seamlessly integrating central bank digital currencies (CBDCs) as they become available,’ according to the Libra Association new white paper.”
“Libra is unlike typical private cryptocurrencies because it operates without a ‘permissionless’ blockchain system; instead, libra uses a network of central actors that can validate transactions.”
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