According to Cointelegraph, with Libra yet to launch, it remains unclear exactly what type of token the project will utilize. In October 2019, the association hinted that it might abandon its original plan of creating a single token supported by a basket of national currencies in favor of a fiat-pegged stablecoin.
Cointelegraph reached out to the Libra Association for comments about a proposed bill that stablecoins should be classified as securities to protect U.S. consumers.
In Libra’s email response, Dante Disparte, the association’s head of policy and communications, remarked: “We maintain that responsible financial services innovation and regulatory oversight are not in contest. The Libra payment system is designed from the ground up to serve as a payment infrastructure that can empower billions of people left on the margins of today’s networks. The Libra Coin is simply a proxy for an instantaneous payment system that is low friction and high trust.”
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