David Marcus, head of of the Libra project said today that he would consider using multiple stable-coins instead of one backed by many currencies. He said this in a banking seminar that Reuters reported on.
“We could definitely approach this with having a multitude of stablecoins that represent national currencies in a tokenized digital form,” he said. “That is one of the options that should be considered.”
Libra was always about connecting the world by leveraging Facebook’s user-base. If Libra were to use multiple currencies, it would introduce exchanges on the consumers end that might cost time and confusion. Marcus also mentioned that it is not the groups preferred option.
If this is the last case scenario, it could be because of Libra’s contention with U.S. regulations. If Libra released multiple stable-coins and every fund was not lumped in with American investments, it might be easier to get around restrictions.
The statement comes shortly after seven major backers dropped out of Libra because of pressure from U.S. regulators. Companies like Visa and Mastercard said that they didn’t want to be involved in the project due to fear of getting caught in the crosshairs of Libra and the U.S. government.
It seems that the Libra Association hasn’t given up and is trying to find ways to push the product out in 2020.