Facebook Considering Revamp Of Digital Currency Plan?

(RTTNews) - Facebook (FB) is reportedly reconsidering its plans for its own digital currency after pressure from regulators.

Facing pressures from regulators, Facebook is reportedly planning to offer its users digital versions of government-backed currencies, including the U.S. dollar and the euro, in addition to the proposed Libra token, according to The Information.

Meanwhile, Facebook still plans to go ahead with the launch of a digital wallet that would allow users to make purchases and send and receive money.

"Reporting that Facebook does not intend to offer the Libra currency in its Calibra wallet is entirely incorrect. Facebook remains fully committed to the project," a Facebook spokesperson told The Verge.

Several US senators have opposed Facebook's digital coin, arguing that the social networking giant has been irresponsible with user data privacy. They have even called the digital cryptocurrency Libra "delusional" and "dangerous".

The social network giant's digital wallet is now expected to launch this autumn, several months later than initially planned, according to the reports.

Last year, Facebook announced it would launch the Libra digital currency, with a goal of making payments easier and cheaper.