Facebook expands payment platform for Libra tokens with euros and dollars

Facebook is adjusting its strategy for a payment platform based on the Libra tokens. The intention is that Facebook users will soon also be able to pay with digital versions of existing currencies such as the euro and the dollar.

Facebook confirms to Reuters that Facebook is working on payments in existing currencies, but that it will also allow payments in Libra tokens. That response came after reports on Bloomberg and The Information that Facebook would adjust its Libra strategy. The Information initially wrote that the social network may not introduce Libra to its platform, but the site subsequently updated that coverage.

Facebook states in statements “to remain fully committed to the Libra project” and the Libra Association states that it still has the goal of a global payment network. The expansion with existing currencies would bring the payment platform more in line with existing payment methods. The adjustment of the strategy would, however, lead to delays. Rumor has it that the digital wallet on Facebook is now coming in the fall, several months later than initially planned.

The adjustments come after months of strong criticism of the Libra plans, including regulators and governments. They wanted the stablecoin to come under strict supervision, if it could be offered at all. Various parties that initially supported the platform withdrew, including Booking, PayPal, eBay, Visa and Mastercard.