Facebook “think again” about issuing its own digital currency

Facebook is again thinking about issuing its own “Libra” digital currency, which has faced regulatory rejection and skepticism.

The company, the owner of Facebook for social networking, is now studying a system that includes digital versions of current currencies, including the dollar and the euro, according to Bloomberg and IT.

Reports indicated that the Libera Foundation, which was created by Facebook to release its new currency, will continue to operate according to the plan.

Facebook responded that the new plan would include Libra, which is the name of the currency the company had previously proposed.

The social network digital wallet is now expected to be launched this fall, several months late at the start, according to reports.

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“Facebook is still fully committed to the project,” the company said, in response to earlier reports that it might give up the Libra coin.

The first announcement of the new digital currency project was in June last year, and Facebook said at the time that it would launch the Libera digital currency to make payments easier and cheaper.

Other companies and platforms are involved in the Libera Foundation, including Spotivala, Shopify and Levitte, but several prominent institutions such as Visa have abandoned the idea after criticizing it by the regulating authorities.

“The foundation has not changed its goal of building a global payment network compliant with regulations, the basic design principles that support this goal have not changed and there is no possibility for the network to accomplish another update (of the currency),” said Dante Desparts, head of policy and communications at the Libera Foundation.

Last October, the world’s largest economies warned that cryptocurrencies such as Libera pose a threat to the global financial system.

France has said it threatens the “monetary sovereignty” of governments, and others have warned that it could be misused to launder money and other criminal purposes.

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