Facebook, after intense reactions and criticism from governments, the crypto money went to some important revisions in Libra. Originally when Libra was announced last year, it was designed as a global stable cryptocurrency backed by various currencies and government bonds. Central banks and regulators from many parts of the world have demonstrated their intention to block Libra, fearing that it may destabilize monetary policy, make money laundering easier, threaten the privacy of users. The Libra Union, which is responsible for the development and management of Libra, now aims to develop stable cryptocurrencies, each of which will correspond to a different nominal currency, with a number of new changes. Libra, which is still planning to issue a stable cryptocurrency supported by multiple currencies, will do so in a way that will be backed up by new stable cryptocurrencies rather than the bank-held currencies. Another important change in Libra was about the permitted-unauthorized network. In the first version, Libra was defined as a permitted network controlled by the Libra Union, and it was stated that it was planned to evolve into an unauthorized network within five years. In line with the revised plan, unknown wallets in Libra will be subject to balance and transaction limits, and only regulated cryptocurrency companies will be able to access the network in the first place. Libra also applied to the Swiss regulator FINMA to obtain a payment system license. Undertaking Libra’s leadership, Facebook thus emerges with a regulation that is less ambitious than before and will ease the reaction of governments.
