The head for the Libra project for Facebook, David Marcus, who, told a banking seminar the group’s main goal remained to create a more efficient payment system, but it was open to looking at alternative approaches for the currency token it would use.
Marcus stated that “We could do it differently, Instead of having a synthetic unit we could have a series of stable coins, a dollar stable coin, a euro stable coin, a sterling pound stable coin, etc.,”
Furthermore, he added “We could definitely approach this with having a multitude of stable coins that represent national currencies in a tokenized digital form,” he said. “That is one of the options that should be considered.”
Marcus said he was not suggesting currency-pegged stable coins were the group’s new preferred option.
According to Reuters, the company reported that “What we care about is the mission and there are a number of ways to go about this and demonstrate a lot of agility.”
The company-led project suffered severe setbacks earlier this month, as major payment companies Mastercard Inc and Visa Inc became the latest partners to quit the group behind the project.
Other key members that have pulled out included Stripe, eBay Inc and Booking Holdings Inc and PayPal Holdings Inc.
Global policymakers and regulators have also worry that the creation of a new synthetic global currency could upend the global financial system, threaten users’ privacy, and facilitate money laundering.
Group of 20 finance leaders on Friday agreed to set strict regulations on cryptocurrencies and said such stable coins should not be issued until various global risks were addressed.
David told the Reuters that Facebook was still aiming for a June 2020 launch of Libra, but acknowledged it could miss that target due to regulatory hurdles.