Libra To Offer More Inclusive Features In Its Calibra Wallet

Facebook may be considering to modify some of its plans for the 2020 release of its stablecoin – and is planning Libra to offer a more inclusive cryptocurrency wallet as the latest cryptonews show.

When the social media giant first introduced Libra last year, it did that by claiming the top cryptocurrency would be a simple global currency with the power to transform the global economy. The regulators quickly took notice and found that the company had to offer more questions as to what this digital currency would actually be.

Now, the Libra news show that the stablecoin is still in development but going forward. As such, Facebook will now offer government issued currencies such as dollars and euros to support its own token. This move appears to be a way to appease reluctant regulators as well as gain additional support for the plan which is still scheduled for a Q4 rollout.

A report from March 3 by Bloomberg predicts Libra to offer a more inclusive wallet which will support both crypto and state-issued currencies. The Calibra wallet (as its original name is) will be scaling back the features of the cryptocurrency. Calibra will now allow users to send and receive money – now in fiat currency – and make purchases.

For those of you who don’t know, almost two billion people around the world use Facebook. Expanding the basket by including central bank currencies makes it possible for anyone to use Calibra as a more traditional payment system. Any user with Messenger or WhatsApp installed on their mobile device could send and receive funds with the tap of a button.

Now that Facebook sees Libra to offer a more inclusive wallet, many see this as a way to bypass the global financial system entirely. While the plan was ambitious, it left lawmakers and regulators questioning the risks of introducing the cryptocurrency to the market with so many unanswered questions.

Now, one of the silver linings for Libra’s rocky start may be the response of central banks in learning to accept digital currencies and stablecoins as the new reality. Since the project was announced, several countries (including Japan, China and England) explored minting a cryptocurrency.