Libra Moves To Stablecoin Territory – Here’s What You Need To Know

Libra moves to stablecoin territory and the foundation just released the new version of the initial whitepaper, totally shifting from their version of making global financial infrastructure as we are reading further in the Libra coin news.

The initiative was heavily scrutinized by regulators because of the serious implications that an extra-territorial currency could have on the domestic monetary policy. The main changes in the new paper seem to take into consideration the new regulatory challenges which include stablecoins, regulated nodes and permissioned at first. The main downside of the changes includes a less open system and less decentralized therefore the entire bitcoin community will disregard it as another centralized project.

The analysts believe that these changes make huge progress in enabling Libra to be launched soon. They are now taking a regulated approach as eToro discussed in the position paper which was initially published in November last year. The analysts recommend a shift towards working with the regulated institutions and to support transactions in national currencies. A lot of them are pleased to see the Libra Foundation taking an initial step in this direction by simply supporting multiple currencies on-chain. This remarks another milestone in the journey directly to the adoption of the distributed systems in global finance.

As one of the largest contributors to the crypto space, EToro led a few initiatives towards the tokenization of the financial assets. starting with Etoro’s involvement with the Colored coins project in early 2012, there were scaled offerings to 17 different tokenized assets along with currencies and commodities. eToro was the first platform to publish an open-source implementation of the tokenized assets to the Libra blockchain foundation and this post is still trending in the Libra community board.

eToro is augmenting the offering by contributing the open-source tooling for digital commerce on the blockchain and with their latest acquisitions of Delta and Firmo, the commitment to financial inclusion with the GoodDollar initiative, they remain committed to creating a future of finance one block at a time. The position paper was authored by Yoni Assia who is the CEO of eToro and the chief blockchain scientist Professor Omri Ross.

Libra moves to stablecoin territory but still remains a major threat to Bitcoin.