Facebook is revising its plans to develop its own digital currency due to resistance from regulators.

Facebook is considering changing the Libra project and creating a payment system with digitalized fiat money, including dollar and euro, instead of a cryptocurrency. As Bloomberg and The Information report, Facebook no longer wants to make Libra stablecoin a central element of its digital payment strategy. Instead, the Libra token will become one of several currencies that will be supported by the Libra payment system.

However, the Libra Association, created by Facebook to develop the project, will continue its work. Dante Disparte, head of politics and communications at the Libra Association, said:

“The Libra Association has not altered its goal of building a regulatory compliant global payment network, and the basic design principles that support that goal have not been changed nor has the potential for this network to foster future innovation.”

Meanwhile, the Libra developers team invites to execute first blockchain transactions in the Libra testnet.

It is expected that Facebook's digital wallet will be launched this fall. This is several months later than it was originally planned.

In June 2019, Facebook announced that it planned to launch the Libra digital currency with the goal of making cross-border payments more affordable, cheaper and faster, and to help many millions of persons who do not have access to banking services.

The Libra Association, registered in Switzerland, includes many technology companies, such as Lyft, Spotify, Shopify. Several months ago, payment giants Visa, PayPal and others left the association due to sharp criticism of global regulators and pressure on Facebook from the US authorities.