ZURICH, April 17 ― Facebook’s planned cryptocurrency Libra will be linked to individual national currencies and overseen by global watchdogs in a scaled-back revamp it hopes will win regulatory approval.
The prospect of Facebook’s 2.5 billion users adopting Libra has led to intense scrutiny from global regulators, with many worried its launch could erode national control over money.
Libra’s governing body, which is seeking the go-ahead from Switzerland’s markets watchdog, said on Thursday that it will now offer “stablecoins” backed by single currencies, as well as a redesigned token based on these currency-pegged coins.
The original plan was for Libra, which was unveiled last June, to be backed by a wide mixture of currencies and government debt. But central